Asian stocks fall as Wall Street’s rally fades.

Stocks were modestly lower in midday Asian trading on Friday, setting the stage for a downbeat end to a turbulent week in financial markets.

Australian shares were down more than 1 percent, pacing the declines. Futures markets suggested Europe and Wall Street would open lower as well.

Wall Street stocks jumped on Thursday after President Trump suggested Saudi Arabia and Russia would call a truce in their clash over oil prices and would cut production. While plentiful oil supplies and low fuel prices are generally positive for the global economy, the clash over prices came at a time of declining demand as the response to the coronavirus outbreak slowed economic activity around the world. Plunging oil prices threatened to destabilize countries and regions where the local economy depends on oil production.

Oil prices surged on Thursday after Mr. Trump’s comments sparked a rally, but they gave up some of those gains in Asian trading on Friday. Bond prices rose, as investors sought to put their money in investments generally considered safe.

In Japan, the Nikkei 225 index was down 0.6 percent. Hong Kong’s Hang Seng index was down 0.6 percent. In mainland China, the Shanghai Composite index was down 0.3 percent, while South Korea’s Kospi was down 0.6 percent.

Oil prices surged on Thursday, setting off a rally in shares of energy companies, after President Trump said that he expected that Saudi Arabia and Russia would substantially cut their oil production to halt the collapse of prices.

Crude oil futures, which had already been climbing on Thursday, surged and shares of oil and gas companies rallied. West Texas Intermediate, the U.S. crude benchmark, rose about 25 percent, and Occidental Petroleum was the best performing stock in the S&P 500, with a gain of about 19 percent. Apache rose nearly 17 percent, and Halliburton gained more than 13 percent.

“We have heard from public health officials that this same type of aggregated, anonymized data could be helpful as they make critical decisions to combat Covid-19,” Jen Fitzpatrick, a senior vice president for Google Maps, and Karen DeSalvo, chief health officer at Google Health, wrote in the blog post.

The monthly jobs report on Friday is expected to end almost a decade of gains.


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