Asian stock markets were mostly lower Friday on concerns of an imminent tightening move by China after a report that an interest rate hike may be only weeks away. While growth-sensitive stocks dropped in many markets, Shanghai rebounded in tentative trade after Thursday's fall. Japan's Nikkei Stock Average was down 0.9% while South Korea's Kospi index was 1.2% lower and Australia's S&P/ASX slipped 0.5%. Hong Kong's Hang Seng Index fell 0.1% and China's Shanghai Composite rose 1.9%. Dow Jones Industrial Average futures were down four points in screen trade. Commodity-related shares fell as stronger-than-expected economic growth data released by China Thursday continued to spur concerns Beijing will take further measures to tighten monetary policy--a move that could further dent commodity prices as it may dampen demand on the mainland. Given the labor shortage and increase in minimum wages, the inflationary pressures remain high in China, said Credit Agricole in a note to clients, summing up heightened concerns among investors that policymakers in Beijing will be forced into further action to cool pricing pressures. In Tokyo, Sumitomo Metal Mining shed 3.3% and Korea's Posco lost 1.2%. In Sydney, mining heavyweight BHP Billiton shed 1.5% and Rio Tinto dropped 1.2%.
