Asia report: Markets rise on Powell's inflation comments
Stocks in Asia finished higher on Friday, with Hong Kong leading the gains, afterUS Federal Reserve chair Jerome Powell said interest rates would continue to rise to help deal with inflation “until the job is done”.
In Japan, the Nikkei 225 was up 0.53% at 28,214.75, as the yen strengthened 1.68% on the dollar to last trade at JPY 141.69.
Technology conglomerate SoftBank Group was down 0.18%, while automation specialist Fanuc rose 0.02% and fashion firm Fast Retailing was ahead 0.2%.
The broader Topix index was ahead 0.4% by the end of trading in Tokyo, settling at 1,965.53.
On the mainland, the Shanghai Composite was ahead 0.82% at 3,262.05, and the smaller, technology-heavy Shenzhen Component jumped 1.11% to 11,877.79.
Fresh data out of Beijing showed China’s consumer price index (CPI) rising 2.5% year-on-year in August.
That was down from the 2.7% recorded in July, and fell short of the 2.8% economists polled by Reuters were expecting.
Producer prices, meanwhile, slowed to 2.3% in August from 4.2% in July, missing forecasts for a 3.1% rise.
South Korea’s Kospi rose 0.33% to 2,384.28, while the Hang Seng Index in Hong Kong was 2.69% higher at 19,362.25.
The blue-chip technology stocks were mixed in Seoul, with Samsung Electronics losing 0.71%, while SK Hynix closed flat.
Oil prices were in the green as the region entered the weekend, with Brent crude last up 2.02% on ICE at $90.95 per barrel, and the NYMEX quote for West Texas Intermediate advancing 2.01% to $85.22.
In Australia, the S&P/ASX 200 added 0.66% to 6,894.20, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was ahead 0.68% at 11,757.11.
The down under dollars were both stronger on the greenback, with the Aussie last ahead 1.55% at AUS 1.4583, and the Kiwi advancing 1.22% to NZD 1.6315.
Reporting by Josh White at Sharecast.com.