Asian markets climbed on Friday, as traders prepared for key US jobs figures and a potential Supreme Court decision on former President Donald Trump’s global tariffs.Japan’s Nikkei gained over 641 points or 1.26% to 51,758 around 9:45 AM IST. Kospi also traded in green, rising 28 points to reach 4,580. Shenzhen and Shanghai also managed to post gains of 0.5% and 0.3%. In Hong Kong, HSI remained flat at 26,158, gaining 8 points. Shanghai and Hong Kong gained support from a report showing Chinese consumer prices rose at their fastest pace in nearly three years, while equities across the region benefited from a generally strong start to the new year. Seoul, in particular, hit several record highs this week, driven by optimism in the tech sector and corporate earnings. Attention is now focused on the US non-farm payrolls report, due later in the day, which could influence the Federal Reserve’s next policy move. The central bank had indicated last month that it might pause its rate-cutting cycle after three consecutive reductions. Analysts have said that a sharp miss to the downside could revive speculation of another cut, while a larger-than-expected gain could reduce such expectations. Wall Street ended Thursday mixed, with traders seemingly shifting focus from technology, which led last year’s rally to multiple record highs, to smaller-cap stocks. Investors are also closely watching the Supreme Court case examining the legality of Trump’s sweeping tariffs. The court is set to decide whether the White House could implement the measures under economic emergency powers and, if not, whether companies should be reimbursed for duties paid. A ruling against the government could have major implications for its economic and fiscal plans. Meanwhile, oil prices extended gains following a more than three percent rally on Thursday. Markets reacted to Trump’s warning that Iran would be hit “very hard” if it targeted protesters amid ongoing civil unrest tied to an economic crisis. Earlier in the week, oil had slipped after Trump announced Venezuela would ship millions of barrels to the United States following the toppling of the South American nation’s leader.
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