Asian equities closed the week on a mixed note as investors awaited fresh US economic data and the outcome of next week’s Federal Reserve interest-rate decision.

Markets have broadly priced in a high probability of another rate cut, supported by recent signals from US central bank officials and job-market data pointing to a gradual slowdown. Payroll firm ADP recently reported that more than 30,000 jobs were lost in November, reinforcing expectations of further monetary easing.

However, Thursday’s jobless-claims data came in slightly stronger than forecast, tempering some of the earlier optimism. Attention has now shifted to the US personal consumption expenditures (PCE) report—the Fed’s preferred inflation gauge—which is expected to influence policy expectations for 2026.

Analysts noted that while the labour market is cooling, it remains relatively resilient, making next week’s decision less straightforward. A surprise pause by the Fed could trigger negative market reactions, as investors have positioned for another cut.

Market performance across the region reflected the uncertainty. Tokyo’s Nikkei slipped more than one percent after strong gains the previous day, while Hong Kong, Shanghai, Singapore and Wellington also closed lower. In contrast, Sydney, Seoul, Taipei, Manila and Jakarta recorded modest increases.

In corporate news, Chinese artificial intelligence chipmaker Moore Threads Technology made a strong market debut in Shanghai, soaring by more than 450 percent after raising over $1bn in its initial public offering.

Early-morning market indicators showed the euro trading at $1.1652, the pound at $1.3330 and the dollar at ¥155.08. West Texas Intermediate crude fell 0.3 per cent to $59.52 per barrel, while Brent crude edged down 0.1 per cent to $63.17.