The Nikkei 225 index ended 0.6% higher at 35,025.00, Hang Seng gained 1.3% to 17,117.03, Shanghai Composite index dropped 0.1% to 2,867.21, Kospi climbed 1.2% and closed at 2,588.43, S&P/ASX 200 gained 1.3% to 7,777.70
Asian stocks were higher Friday after U.S. stocks rallied Thursday in Wall Street’s latest sharp rise after a better-than-expected report on unemployment eased concerns about the slowing economy.
U.S. futures and oil prices were little changed.
In Tokyo, the Nikkei 225 index ended 0.6% higher at 35,025.00. The yen erased earlier losses in morning trading and extended its fourth successive day of gains against the dollar, with Japanese equities then losing momentum as they often decline when the yen gains.
Earlier this week, weaker-than-expected employment data from the U.S. raised concerns about a slowing economy where the Fed has kept the high interest rates that aim to stifle inflation for too long. That sparked a sell-off in global markets, with the scale of the declines amplified as investors unwound their yen carry trade positions.
On Friday trading, the U.S. dollar dropped to 147.16 Japanese yen from 147.28 yen. The euro cost $1.0926, up from $1.0918.
China’s inflation came in higher than expected in July, with the CPI increasing 0.5% compared to the same period a year earlier, boosted by food prices which are no longer dragging on inflation and were flat last month.
The Hang Seng in Hong Kong gained 1.3% to 17,117.03 and the Shanghai Composite index dropped 0.1% to 2,867.21.
In South Korea, the Kospi climbed 1.2% and closed at 2,588.43, Australia’s S&P/ASX 200 gained 1.3% to 7,777.70.
Elsewhere, Taiwan’s Taiex edged up 2.9%, with chip maker Taiwan Semiconductor Manufacturing Co. adding 4.2%, tracking Big Tech stocks’ rally on Wall Street. The SET in Bangkok was 0.1% higher.
