China's Shanghai Composite index ends down 1.26%

Asian stocks followed Wall Street lower on Friday as investors fretted over the impact of artificial intelligence on various sectors and looked to U.S. CPI data later in the day for clues on when the Federal Reserve might cut rates.

Forecasters expect inflation to have decelerated in January, with core prices rising 2.5 percent year-over-year, the lowest since 2021.

This week's stronger-than-expected U.S. labor data sharply reduced hopes of near-term Federal Reserve rate cuts.

In trade developments, the United States and Taiwan have finalized a trade deal to reduce tariffs, boost market access for American products in Asia and direct billions of dollars into U.S. energy and technology projects.

 

The dollar index was steady in Asian trade, helping gold prices bounce back after tumbling 3 percent to almost a one-week low in the previous session.

Oil prices were on track for a second weekly decline on receding concerns of a U.S.-Iran conflict and supply glut fears.

China's Shanghai Composite index ended down 1.26 percent at 4,082.07 ahead of a week-long holiday. Hong Kong's Hang Seng index slumped 1.72 percent to 26,567.12, dragged down by technology stocks.

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