MANILA – Asian markets presented a mixed picture on Friday, with trading volumes lower due to the holiday season. Technology stocks experienced a downturn, as the recent boost from the anticipation of a Federal Reserve rate cut began to wane.

Despite the ongoing influence of artificial intelligence trends on global markets, attention remains firmly fixed on U.S. monetary policy. Recent statements from Federal Reserve officials have reignited optimism that the central bank may make a favorable move in its upcoming meeting.

“Everyone is sprinting toward the same conclusion: the Fed will deliver holiday cheer,” remarked Stephen Innes from SPI Asset Management in a commentary, reflecting the prevailing sentiment.

Japan’s Nikkei 225 index remained steady at 50,172.60. However, stocks associated with AI, such as Kioxia Holdings, Fujikura, and Lasertec, saw declines.

New government data revealed that Tokyo’s core inflation rate for November held steady at 2.8% year-over-year, the same as in October, and above the Bank of Japan’s 2% target. This data suggests a potential shift towards higher interest rates by the central bank, although an increase is not anticipated at the December meeting.

In South Korea, the Kospi index fell by 1.4% to 3,930.95. The country’s industrial production recorded a 4% drop in October from the previous month, surpassing the 1.1% decrease seen in September. Semiconductor production plummeted by 26.5%, negatively affecting tech giants like LG Energy Solutions, SK Hynix, and Samsung Electronics.

In Chinese markets, Hong Kong’s Hang Seng index lost 0.2% to 25,896.33. The Shanghai Composite index edged up 0.2% to 3,883.46.

Australia’s S&P/ASX 200 index fell 0.1% to 8,608.90, while Taiwan’s Taiex rose 0.9%. India’s BSE Sensex was up 0.1%.

Shares in Europe advanced Thursday ahead of the Thanksgiving holiday.

On Wednesday, before the trading holiday in the U.S., stocks closed broadly higher on Wall Street. The S&P 500 gaining 0.7% and the Dow up 0.7%. The Nasdaq composite added 0.8%.

U.S. benchmark crude oil added 43 cents to $59.08 per barrel.

Early Friday, Brent crude, the international standard, rose 21 cents to $63.08 per barrel.

The U.S. dollar rose to 156.34 Japanese yen from 156.31 yen. The euro fell to $1.1584 from $1.1596.