Japan stocks led gains in Asia on Friday to notch their best week in four years, after Wall Street rallied overnight as fresh economic data eased recessionary fears.
The Nikkei 225 index soared 1,336.03 points, or 3.6%, to 38,062.63, to cross 38,000 for the first time since Aug. 1. On a weekly basis, the index was up 8.67%, its highest gain since April 2020.
In Hong Kong, the Hang Seng index moved skyward 321.02 points, or 1.9%, to 17,403.16
In Asia, Singapore’s non-oil domestic exports in July grew 15.7% year on year, having declined 8.8% in June and massively beating Reuters poll expectations of a 1.2% growth.
Total trade grew by 13.7% in July 2024, building on the 1.2% increase in June, as both exports and imports increased.
Australian markets climbed. On Reserve Bank of Australia governor Michelle Bullock said while markets had brought forward their expectations of a rate cut following inflation outcomes in the U.S. and Australia, it was still “premature” to think about rate cuts.
She pointed out that inflation is still “too high” and is not expected to be back in the top of the RBA’s target band of 2% to 3% until the end of next year.
In other markets
In Shanghai, the CSI 300 inched up 3.68 points, or 0.1%, to 3,345.63.
In Taiwan, the Taiex index recovered 454.16 points, or 2.1%, to 22,349.33.
In Singapore, the Straits Times Index hiked 37.16 points, or 1.1%, to 3,352.89.
In Korea, the Kospi index returned from holiday to claim 52.73 points, or 2%, to 2,697.23.
In New Zealand, the NZX 50 gained 17.18 points, or 0.1%, to 12,710.57.
In Australia, the ASX 200 jumped 105.53 points, or 1.3%, to 7,971.05.
