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Asian stocks fell, with the regional benchmark index capping its biggest weekly loss this year, after the Federal Reserve damped expectations for more monetary easing and on renewed concern Europe’s debt crisis will weigh on economic growth, damping the outlook for Asian exporters.
U.S. stock futures fell, signaling more Standard & Poor’s 500 Index losses following the biggest weekly retreat of the year, as the dollar declined while Treasuries and gold rose after American employers added fewer jobs than forecast in March.
The benchmark Nikkei dropped 0.8 percent to 9,688.45, falling for a fourth consecutive session. The index was off 3.9 percent on the week, its worst weekly performance since the week of Aug. 1-5 when it shed 5.4 percent.
The most active July copper contract on the Shanghai Futures Exchange inched up 0.8 percent to 60,440 yuan ($9,600)per tonne by the midday close, after Thursday’s drop of 0.7 percent on the ShFE and a modest 0.1 percent uptick on the LME.
U.S. stock futures fell more than 1 percent and Treasuries prices rallied after U.S. payrolls grew by 120,000 in March, far below the expected gain of 203,000 jobs.
The Dow Jones industrial average dropped 14.61 points, or 0.11 percent, to 13,060.14 at the close. The Standard & Poor’s 500 Index dipped 0.88 of a point, or 0.06 percent, to 1,398.08. But the Nasdaq Composite Index gained 12.41 points, or 0.40 percent, to 3,080.50.
U.S. stocks fell for a second day on Wednesday as investors contemplated a world without monetary stimulus and a poorly received bond auction in Spain suggested the effects of Europe’s funding operations were waning.