Asian shares struggled to make headway on Friday as uncertainty over how much further the US Federal Reserve would cut interest rates added to investors’ worries over slowing global growth.
With the US-China trade row dragging on, and political tumult in Hong Kong, Italy and the UK adding to the tense backdrop, investors were keenly awaiting Fed Chair Jerome Powell’s speech at a gathering of central bankers in Jackson Hole, Wyoming, later in the day.
Powell’s remarks came after markets closed in East Asia.
He said the US economy was in a “favorable place” and the Fed would “act as appropriate” to keep the economic expansion on track.
The MSCI Asia-Pacific index rose 0.37 percent to 152.38, up 1.1 percent for the week.
The weighted index on the Taiwan Stock Exchange ended up 8.33 points, or 0.08 percent, at 10,538.11, up 1.1 percent for the week.
Japan’s benchmark Nikkei on Friday advanced 0.4 percent, up 1.43 percent for the week, and TOPIX rose 0.3 percent, carrying its weekly gain to 1.13 percent.
In Australia, the S&P/ASX 200 ended the day with a 0.3 percent gain and was up 1.8 percent for the week.
Hong Kong’s Hang Seng rose 0.5 percent for the day and 1.7 percent for the week.
The Shanghai Composite Index on Friday rose 0.5 percent and was up 2.6 percent for the week.
India’s SENSEX on Friday rose 0.6 percent, paring its weekly losses to 1.7 percent. The NIFTY 50 added 0.8 percent for the day, but was down 1.9 percent for the week.
The Jakarta Composite Index rose 0.3 percent on Friday, paring its weekly losses to 0.5 percent.
“The markets are not impacted by the drop in yuan, primarily because capital accounts are well controlled and PBOC [People’s Bank of China] has managed market expectation well around the depreciation,” said Caroline Yu Maurer, head of greater China equities at BNP Paribas Asset Management.
Washington labeled China a currency manipulator early this month after a sharp slide in the yuan.
Additional reporting by CNA and staff writer
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