Asian stocks set for weekly decline, NFP in focus

The Asian equities traded largely subdued on the final trading of this week, and remains poised to book the biggest weekly loss in three weeks weighed down by Brexit-related uncertainty, Italian banking crisis and increased nervousness ahead of the key US NFP report.

The consensus forecast for today’s non-farm payrolls data is for 175,000 jobs gain for June, according to a Reuters poll, but markets remain cautious given last month’s shocker.

However, the downside finds support from the recovery in oil prices after yesterday’s sharp sell-off, offering some impetus to the energy and resources stocks.

China stocks drag rest of Asia lower

The Japanese benchmark index, the Nikkei 225 drops -0.47% to 15,204, weighed down by weaker USD/JPY, down -0.19% on the day. The Australian markets are seen paring gains, now trading modestly flat around 5,230 points.

The Chinese equities extend losses, with the benchmark Shanghai Composite index dropping -0.80% to trade back below 3k mark; the CSI300 index also falls -0.40%. While Hong Kong markets sink 1.18% to 20,400 points.