Overnight

The Nikkei came back from a holiday overnight and was down 1.93% while the Topix also yielded 2.18% earlier as the yen gained ground against the dollar trading at one point at 102.87 as investors express concerns about the upcoming election in the U.S. Mixed is a word that's becoming quite common when it comes to these Asian markets.  But many believe that once the U.S. election is in the books that will change.

Much of the yen's appeal comes from its status as a safe harbor currency and investors switch form risk on to risk off positions accordingly. In other markets, the ASX 200 fell to a four month low on the yen's strength and the Kospi was off 0.23%, the Hang Send index edged higher 0.19% and the two Chinese composites were both up slightly with the Shanghai tacking on 0.21% and the Shenzhen dding0.21%. Reuters reported: "Oil prices advanced during Asian hours on Friday, with U.S. crude futures up 0.16 percent at $44.73, while Brent added 0.17 percent to $46.43."  The key nonfarm payrolls report is due Friday. Economists polled by Reuters are looking for non-farm employment to have risen by 175,000 in October from 156,000 in September.

Gold renewed its recent acquaintance with $1,300 an ounce and could be getting to be a habit the yellow stuff traded above $1,300 an ounce on Friday, with safe-haven appetite buoyed by signs the U.S. presidential election is tightening just days before next week's vote. Spot gold XAU= was unchanged at $1,303.26 an ounce. U.S. gold futures were up about 0.1 percent at $1,304.30 per ounce. The Bank of England scrapped its plan to cut interest rates, which it said could now move up or down, and raised its forecasts for 2017 growth and inflation sharply due to the slide in sterling since Britain's vote to leave the EU and oil prices advanced overnight with U.S. crude futures up 0.16 percent at $44.73, while Brent added 0.17 percent to $46.43.