GLOBAL MARKETS-Asian stocks set to fall as Wall St slips on recovery doubts

By Pete Schroeder
WASHINGTON, Feb 18 (Reuters) - Asian stocks were set to pull
back on Friday, following a dip on Wall Street as disappointing
U.S. jobs data fanned concerns the economic recovery from the
coronavirus was losing momentum.
Australia's benchmark S&P/ASX 200 index .AXJO was down
0.49% in early trading, while Japan's Nikkei 225 futures NKc1
were down 0.08%. Hong Kong's Hang Seng index futures .HSI
.HSIc1 were down 0.44%.
The MSCI's global stock index .MIWD00000PUS was up 0.06%.
An unexpected increase in the number of Americans seeking
jobless benefits weighed on markets across the board Thursday.
The Labor Department reported initial unemployment claims rose
by 13,000 to 861,000, injecting skepticism about how quickly the
U.S. economy could rebound from the global pandemic.
At the same time, investors continued to eye the risks about
higher inflation once the economy kicks back into gear and the
upward pressure that might put on interest rates.
"With improved vaccination rollout, the world will be quick
to normalize. With additional fiscal stimulus providing rocket
fuel to the inflationary fire, it's hard not to think more rates
pain will hit many asset classes," wrote Stephen Innes, chief
global markets strategist at Axi.
On Wall Street, stocks fell as investors stepped away from
large technology firms and a surprise jump in U.S. jobless
claims injected some skepticism into the market that had seen
record highs earlier in the week.
The Dow Jones Industrial Average .DJI fell 0.38%, the S&P
500 .SPX lost 0.44%, and the Nasdaq Composite .IXIC 0.72%.
U.S. Treasury yields were down as well Thursday on waning
risk appetite. The benchmark 10-year yield US10YT=RR , which
touched 1.333% on Wednesday, its highest level in nearly a year,
was last down 1.3 basis points at 1.2855%. The dollar also eased following the weak U.S. jobs data. The
dollar index =USD was off 0.33% at 90.601 following two
straight days of gains, while the euro EUR=EBS and yen
JPY=EBS both gained ground. Oil markets saw some profit taking on Thursday, driving down
prices after days of gains driven by a deep freeze across Texas
that weighed on production. Brent crude LCOc1 fell 41 cents,
or 0.6%, to settle at $63.93 a barrel. U.S. West Texas
Intermediate (WTI) crude CLc1 futures fell 62 cents, or 1%, to
settle at $60.52 a barrel. Copper surged nearly 3% to its highest since April 2012 as
Chinese investors returning from a week-long holiday added
impetus to a rally that has almost doubled prices from lows last
March, when coronavirus worries peaked. .CMCU3
Spot gold XAU= was down 0.08% at $1,774.76 an ounce.
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