• Asian stocks tracked Wall Street lower following activity data that signaled the Federal Reserve may keep rates on hold for most of this year.
• Stocks fell in Australia and Japan, while equity futures in Hong Kong pointed to losses of more than 1% at the open Friday. The Golden Dragon Index of US-listed Chinese shares fell 3.7% Thursday, the most in six weeks. US contracts were steady after the S&P 500 fell the most this month and the Dow Jones Industrial Average lost 1.5%.
• Swaps now fully price the Fed’s first full quarter-point rate cut in December, versus November a day earlier. Growth in activity at service providers was the fastest in a year and manufacturing output expanded at a quicker pace. Such resilience is making it difficult for inflation to cool, helping explain why the Fed is intent on keeping rates higher for longer.