Asian stocks on Friday followed Wall Street higher ahead of a US inflation update that traders hope might prompt the US Federal Reserve to ease plans for more interest rate hikes.
Taipei, Shanghai, Tokyo, Hong Kong and Sydney advanced.
Wall Street rose on Thursday as worries about the global financial system eased following the collapse of two US banks and one in Switzerland.
Photo: Bloomberg
Traders hope a measure of US inflation released on Friday that is closely watched by the Fed might prompt the Fed to postpone plans for a possible rate hike at its meeting next month.
A softer inflation reading would be a “signal to continue with the risk-on theme,” Kohle Capital Markets chief market analyst Tim Waterer said in a report.
In Taipei, the TAIEX gained 50.75 points, or 0.12 percent, to close at 15,868.06, losing 0.29 percent weekly. Turnover on Friday totaled NT$199.88 billion (US$6.56 billion).
In China, the Shanghai Composite Index rose 0.36 percent to 3,272.86 after an official survey showed the country’s factory activity grew at a slower pace last month, but was stronger than expected following the end of COVID-19 restrictions. It was gained 0.22 percent for the week. Hong Kong’s Hang Seng added 0.45 percent to 20,400.11, rising 2.43 percent weekly.
The Nikkei 225 in Tokyo advanced 0.93 percent to 28,041.48 after government data showed that factory output rebounded and retail sales rose in February. It rose 2.4 percent for the week. The broader TOPIX added 20.18 points, or 1.02 percent, to 2,003.50 to close up 2.46 percent weekly.
Seoul’s KOSPI added 0.97 percent to 2,476.86 after government data showed factory output declined 3.2 percent from the previous month in February. It gained 2.56 percent from the previous week.
Sydney’s S&P/ASX 200 closed 0.78 percent higher at 7,177.8, rising 3.2 percent weekly, while India’s S&P BSE SENSEX advanced 1.78 percent to 58,991.52, up 1.84 percent weekly.
New Zealand and Jakarta declined, while Singapore and Bangkok advanced.
Traders were rattled by this month’s bank failures, but regulators appear to have calmed fears by promising lending measures if needed to keep other institutions stable after repeated rate hikes caused prices of bonds and other assets on their books to fall.
Markets have shifted focus back to uncertainty about the global economic outlook as central banks try to extinguish inflation.
Additional reporting by staff writer, with CNA
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