Asian stocks rose in the week’s final trading day as
traders did some bargain hunting following another down for U.S.
equities Thursday.
In Asian trading Friday, Japan’s Nikkei 225 rose 0.61% as USD/JPY climbed on hopes the Bank of Japan could deliver additional monetary stimulus when it meets next week. The dollar hit a four-year high of 99.93 against the yen last week after the BoJ pledged to double its asset purchase program over the next two years and extend the maturities of the bonds it purchases.
Hong Kong’s Hang Seng climbed 0.81% while the Shanghai Composite jumped 1.06%. Bank stocks and consumer shares lead Chinese equities higher a day after Zhu Baoliang, head of the State Information Center’s economic forecast department, second the world’s second-largest could rebound in the current and third quarter.
Earlier this week, China cast a pall over global financial markets by reporting first-quarter GDP growth of 7.7%, below analysts’ expectations of 8% growth.
Australia’s S&P/ASX 200 rose 0.3% helped by gains in mining shares. Shares of BHP Billiton and rival Rio Tinto, two of the world’s largest mining companies, rebounded in earnest after being punished throughout the week on the back of the slack China GDP report. China is Australia’s largest trading partner.
New Zealand’s NZSE 50 added 0.15% a day after the International Monetary said the New Zealand dollar is overvalued. The IMF made similar remarks about the Australian dollar.
South Korea’s Kospi advanced 0.40% after South Korean Finance Minister Hyun Oh Seok said the weak yen poses a bigger threat to his country’s economy than the specter of military action by North Korea. South Korea has been among the most vocal critics of Japan’s weak yen policies.
Singapore’s Straits Times Index inched lower by 0.12%. S&P 500 futures added 0.25%. The benchmark U.S. index has finished in three of four trading days this week.
In Asian trading Friday, Japan’s Nikkei 225 rose 0.61% as USD/JPY climbed on hopes the Bank of Japan could deliver additional monetary stimulus when it meets next week. The dollar hit a four-year high of 99.93 against the yen last week after the BoJ pledged to double its asset purchase program over the next two years and extend the maturities of the bonds it purchases.
Hong Kong’s Hang Seng climbed 0.81% while the Shanghai Composite jumped 1.06%. Bank stocks and consumer shares lead Chinese equities higher a day after Zhu Baoliang, head of the State Information Center’s economic forecast department, second the world’s second-largest could rebound in the current and third quarter.
Earlier this week, China cast a pall over global financial markets by reporting first-quarter GDP growth of 7.7%, below analysts’ expectations of 8% growth.
Australia’s S&P/ASX 200 rose 0.3% helped by gains in mining shares. Shares of BHP Billiton and rival Rio Tinto, two of the world’s largest mining companies, rebounded in earnest after being punished throughout the week on the back of the slack China GDP report. China is Australia’s largest trading partner.
New Zealand’s NZSE 50 added 0.15% a day after the International Monetary said the New Zealand dollar is overvalued. The IMF made similar remarks about the Australian dollar.
South Korea’s Kospi advanced 0.40% after South Korean Finance Minister Hyun Oh Seok said the weak yen poses a bigger threat to his country’s economy than the specter of military action by North Korea. South Korea has been among the most vocal critics of Japan’s weak yen policies.
Singapore’s Straits Times Index inched lower by 0.12%. S&P 500 futures added 0.25%. The benchmark U.S. index has finished in three of four trading days this week.
