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Asian shares opened lower on Friday amid a bearish tone in markets due to a drop in US technology stocks and more economic data making a case for the Federal Reserve to keep raising interest rates.

Stocks fell in Japan, South Korea and Australia, while futures in Hong Kong and an index of US-listed Chinese companies fell.

Meanwhile, the S&P 500 fell 1.5% and the tech-heavy Nasdaq 100 fell 2.5%, with sentiment marred by a bleak outlook for chipmaker Micron Technology Inc.

US stocks reversed gains as investors grappled with data that backed up the Federal Reserve’s claims that the economy is strong enough to withstand further tightening.

The dollar was flat against most of its major peers on Friday after rallying on Thursday, as the policy-sensitive two-year Treasury yield rose to 4.27%. Treasuries changed little in early Asian trade. Australian and New Zealand government bond yields rose.

Oil fell by 0.7%, while gold futures fell by 1.3%. Bitcoin fell 1.2% to trade at $16,600.

India’s benchmark indices pared their gains from opening trade and closed lower at the end of a volatile session. All 20 sector indices compiled by BSE Ltd.

The rupee snapped a losing streak against the US dollar, rising as much as 0.21% to 82.64 and closing higher.

At 6:44 am, the Singapore-traded SGX Nifty — an early barometer of India’s benchmark Nifty 50 — was down 0.61% at 18,067.


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