Asian stocks followed Wall Street higher on Friday after stocks on Wall Street set a new record overnight following a decline in U.S. Treasury yields.
The dollar was on track for its fifth straight weekly gain ahead of producer price inflation, consumer sentiment and housing starts data due later in the day that might offer additional clues on the interest-rate outlook.
Gold was unchanged above the $2,000 per ounce level, while oil prices dipped slightly after climbing on Thursday amid signs that OPEC+ members are complying with supply cuts.
Mainland Chinese markets remained closed for the Lunar New Year holidays.
Hong Kong’s Hang Seng Index jumped 2.5 percent to 16,339.96, closing near a one-month high, led by property developers as policymakers intensify efforts to rescue the property sector from a deepening liquidity crisis.
Japanese markets hit a fresh 34-year high on dovish BOJ bets. BOJ Governor Kazuo Ueda told Japan’s parliament today that real wages will gradually turn positive and that the central bank will review stimulus, when the 2 percent inflation target comes into sight.
The Nikkei 225 Index settled 0.9 percent higher at 38,487.24, coming close to the record high hit during the hey days of the nation’s bubble economy in the 1980s. The broader Topix Index rallied 1.3 percent to 2,624.73.
Seoul stocks advanced after data showed South Korean semiconductor exports surged by 53 percent year-on-year in January. The Kospi climbed 1.3 percent to 2,648.76.
Australian markets rose notably as core Lithium companies such as Liontown Resources and Pilbara Minerals surged on hopes that lithium prices will do well down the track. Shares of the companies surged 11.9 percent and 7.2 percent, respectively.
The benchmark S&P/ASX 200 Index rose 0.7 percent to 7,658.30, while the broader All Ordinaries Index closed up 0.7 percent at 7,905.60.
QBE Insurance fell 1.7 percent despite more than doubling its annual profit. Telstra fell about 1 percent after announcing a review of its enterprise business.
Across the Tasman, New Zealand’s benchmark S&P/NZX-50 Index gained 0.7 percent to close at 11,724.48 after signs of improvement in the country’s manufacturing sector in January.
U.S. stocks advanced overnight as weak retail sales data sent Treasury yields down and added to bets that the Federal Reserve will cut interest rates in coming months.
Industrial production unexpectedly slipped in January, while fewer Americans filed for jobless claims last week, separate reports revealed.
The S&P 500 gained 0.6 percent to reach a new record closing high, while the Dow rallied 0.9 percent and the tech-heavy Nasdaq Composite inched up 0.3 percent.
Business News
Asian Shares Rise On Wall Street Cues
2024-02-16 08:35:17
