A recovery of global shares continued in Asia, tracking gains on Wall Street after signs of resilience in the US labor market eased concerns over a recession. Stocks rose from Japan to South Korea and Australia.
While Hong Kong equities maintained their gains, those in mainland China lost momentum as perceptions grew that a better-than-expected inflation print mainly resulted from seasonal factors like weather. Markets are closed in Singapore.
US stock futures gained in Asia, following a rally on Wall Street Thursday. The S&P 500 had its best day since November 2022, while the Nasdaq advanced 3.1%. The dollar slid, with a gauge tracking emerging-market currencies rising to its highest level since April 2022.
Treasury yields edged lower in Asia after a three-day increase. Risk appetite improved after a better US jobless claims report alleviated fears of a recession triggered by last week’s worse-than-expected employment data.
The focus will now shift toward a fresh slew of US economic indicators due next week, including consumer prices. “The storm clouds have parted” for the time being for Asian markets, said Tony Sycamore, market analyst at IG Australia.
