Asian stocks were mixed and the dollar was strong on Friday ahead of a critical US jobs report, as investors anticipated more aggressive Fed rate rises, while commodities fell overnight on China lockdowns.

MSCI’s broadest index of Asia-Pacific shares outside Japan was essentially steady in early Asia trade, but it was on track for its worst weekly performance, with a 3% decrease, as mounting prospects of aggressive global rate rises weighed on riskier assets.

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The Nikkei and Chinese blue chips remained steady, while the Hang Seng index in Hong Kong fell 0.2% and South Korea gained 0.5%.

On Friday, the dollar index, which measures the US currency against a basket of six major currencies, was approaching a 20-year high of 109.55. It fell marginally against the Japanese yen after reaching a 24-year high versus the rate-sensitive currency the day before. The dollar gained 0.7% in a week.

As other Chinese towns battled recurring COVID outbreaks, the southwestern Chinese metropolis of Chengdu declared a lockdown of its 21.2 million citizens on Thursday, while the technological capital of Shenzhen also put out new social distancing regulations.

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Oil prices fell 3% overnight before regaining some ground on Friday, but they were on set for their biggest weekly decline due to concerns that COVID-19 restrictions in China and a sluggish global economy will hurt demand.

Brent crude prices increased 1.3% to $93.56 per barrel on Friday, while WTI crude futures in the United States rose by a similar percentage.

The S&P 500 index in the United States rose 0.3% overnight, while the Nasdaq Composite fell 0.3%.

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Ahead of potentially positive payroll data due on Friday, Treasury yields marginally decreased. The yield on benchmark two-year notes was 3.5117%, a bit lower than its 15-year high of 3.5510%, while the yield on 10-year bonds was 3.2609%, compared to 3.2650% at the previous closing.

Gold was valued at $1,696.30 per ounce in global markets, while silver was priced at $17.78. Platinum was trading at $824.68 per ounce, while palladium was trading at $2,025.42 per ounce.

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At the conclusion of trade on Thursday, the Sensex in India was down 770.48 points or 1.29% to 58,766.59, while the Nifty was down 215.50 points, or 1.22% to close at 17,542.80.