Australia

Australian shares are set to edge lower following a dip on Wall Street. Stocks fell broadly Friday, with all 11 sectors of the S&P 500 posting losses. The materials and consumer-discretionary groups were among the biggest decliners.

ASX futures were down 102 points or 1.5% at 6664 as of Monday morning, pointing to a slip at the open.

US stocks fell Friday, the latest U-turn for markets after a volatile week marked by big swings in both directions.

Outsize moves both to the upside and downside show just how jittery investors have gotten this year. Inflation has remained uncomfortably high, despite the Fed raising rates at the fastest pace since the early 1980s. Economic growth is also slowing. That has made many investors build up bets against the market -- which they have then sometimes, as in Thursday's case, abruptly unwound.

"The conditions were ripe for a counterintuitive move, since we often see something like this when positioning is one-sided," Jason Goepfert, president of Sundial Capital Research, said in an email.

The S&P 500 shed 86.84 points, or 2.4%, to 3583.07 and finished the week with a 1.6% loss. The Dow Jones Industrial Average slipped 403.89 points, or 1.3%, to 29634.83 and rose 1.2% for the week. The Nasdaq Composite declined 327.76 points, or 3.1%, to 10321.39 and slipped 3.1% for the week.

In commodity markets, Brent crude oil slipped 3.1% to $US91.63 a barrel, gold edged down 1.3% to US$1,644.47.

In local bond markets, the yield on Australian 2 Year government bonds rose to 3.38% while the 10 Year was up to 4%. Overseas, the yield on 2 Year US Treasury notes rose to 4.5% and the yield on the 10 Year US Treasury notes was up to 4.02%.

The Australian dollar hit 62 US cents. The Wall Street Journal Dollar Index, which tracks the US dollar against 16 other currencies jumped to 105.09.

Asia

Chinese shares ended higher amid improved sentiment across the region after a rebound on Wall Street and ahead of China's party congress starting Sunday. Pharmaceutical stocks have been lifted by positive news that a few vaccines targeting the Omicron variant have begun clinical trials, Soochow Securities says in a note. Jiangsu Hengrui Medicine and WuXi AppTec each jumped 10%. Some stocks advanced following upbeat earnings projections. The Shanghai Composite Index added 1.8% to 3071.99, the Shenzhen Composite Index climbed 2.6% and the ChiNext Price Index was 3.6% higher.

Hong Kong's Hang Seng Index ended 1.2% higher at 16587.69 to snap a six-session losing streak and rebound from an 11-year low. Sentiment was lifted by a rally in US equities overnight, despite latest data showing stubbornly high inflation, although the city's benchmark index pared gains late in the session. Pharmaceutical stocks topped gainers, with Wuxi Biologics up 8.6% and Sino Biopharma 6.5% higher, while property developers Country Garden Holdings and Longfor Group gained 4.3% and 3.0%, respectively. The Hang Seng Index still logged a 6.5% weekly loss.

Japanese stocks ended broadly higher, led by sharp gains in electronics and pharmaceutical stocks, following recent selloffs caused by fears about the global economic outlook. Among individual movers, Fast Retailing jumped 8.4% after it projected an 18% increase in fiscal-year operating profit. The Nikkei Stock Average rose 3.3% to 27090.76, notching its biggest percentage gain since March 17.

Europe

European stocks rose on Friday, but pared earlier gains, as investors eyed the potential consequences of UK political turmoil. The pan-European Stoxx Europe 600 advanced 0.6%, and the French CAC 40 and German DAX climbed 0.9% and 0.7% respectively.

UK Prime Minister Liz Truss's press conference was shaky and light on detail despite news of plans to reinstate a corporation-tax increase, Evercore says. "Her performance--in which she blamed markets for the UK fiscal debacle--was not confidence-enhancing, with UK assets volatile in subsequent trading," Evercore analysts say. "Speculation is mounting that a rebellion of party MPs could push her out in coming weeks."

In London, the FTSE 100 Index rose 0.3%, or 22 points to 6871. Property stocks Rightmove, Persimmon, Barratt Developments, Taylor Wimpey and Berkeley Group Holdings are among the biggest blue-chip risers amid hopes of an easing in mortgage-market uncertainty following a change of U.K. finance minister and reversal of plans to freeze corporation tax.

Mortgage holders and those seeking home loans will hope for a return to competitive mortgage deals after mortgage rates spiked by between 1-2 percentage points following the budget statement, Interactive Investor says. "However, the mortgage market remains precarious for buyers. Rates are changing on a daily basis," Interactive personal-finance analyst Myron Jobson wrote.

North America

US stocks fell Friday, the latest U-turn for markets after a volatile week marked by big swings in both directions.

Stocks fell to start the week, then tumbled again early Thursday after data showed inflation rose more than expected in September -- a major setback for investors who had hoped for a report that might give the Federal Reserve space to slow down its rapid pace of interest-rate increases.

Then something unexpected happened. Stocks surged to finish the day higher. Thursday marked the first time the Dow industrials both fell at least 500 points and rose at least 800 points in a single trading day, according to Dow Jones Market Data.

Outsize moves both to the upside and downside show just how jittery investors have gotten this year. Inflation has remained uncomfortably high, despite the Fed raising rates at the fastest pace since the early 1980s. Economic growth is also slowing. That has made many investors build up bets against the market -- which they have then sometimes, as in Thursday's case, abruptly unwound.

"The conditions were ripe for a counterintuitive move, since we often see something like this when positioning is one-sided," Jason Goepfert, president of Sundial Capital Research, said in an email.

The S&P 500 shed 86.84 points, or 2.4%, to 3583.07 and finished the week with a 1.6% loss. The Dow Jones Industrial Average slipped 403.89 points, or 1.3%, to 29634.83 and rose 1.2% for the week. The Nasdaq Composite declined 327.76 points, or 3.1%, to 10321.39 and slipped 3.1% for the week.

Stocks fell broadly Friday, with all 11 sectors of the S&P 500 posting losses. The materials and consumer-discretionary groups were among the biggest decliners.

Bank stocks were mixed after large lenders reported profits dropping in the third quarter. The KBW Nasdaq Bank Index fell 1.4%. Shares of JPMorgan Chase gained $1.82, or 1.7%, to $111.19. The bank's revenue rose more than expected thanks to solid consumer spending, higher interest rates and strong performance on its trading desks. Wells Fargo rose 79 cents, or 1.9%, to $43.17 after delivering stronger-than expected revenue, in part because of a jump in its net interest income. Morgan Stanley bucked the trend. Its shares fell $4.02, or 5.1%, to $75.30 after the bank missed analysts' expectations for both earnings and revenue.