06:00 AM EST, 11/21/2025 (MT Newswires) -- Asian markets closed in the red Friday, tracking Wall Street losses the previous day as concerns over the AI bubble and Fed rate cuts persist.

The recent US jobs data dimmed investors' hopes of a Fed rate cut in December, given the higher jobless rate and downward revisions.

In Japan, the Nikkei 225 declined 2.4% to close at 48,625.88.

Biggest losers include SoftBank Group, which fell by 10.9%, while top gainers include M3, with a 6.9% increase.

In Hong Kong, the Hang Seng Index lost 2.4% to 25,220.02. The Hang Seng China Enterprises Index also declined by 2.5%. Meanwhile, the Hang Seng TECH Index lost 3.2%, while the Mainland Properties Index slipped 0.7%.

On the mainland, the Shanghai Composite Index declined 2.5% to 3,834.89. The Shenzhen Component Index lost 3.4%.

Other bourses in the region also closed with losses. The South Korean KOSPI was down 3.8%, the Taiwan TWSE lost 3.6%, the Australian ASX 200 was down 1.6%, and the Singapore Straits Times Index lost 1%.