Sentiment got a lift when China’s state planner said Beijing would roll out a plan to boost disposable income, though details were lacking.
MSCI’s broadest index of Asia-Pacific shares outside Japan responded by edging up 0.2%, though it was still down 1% for the week.
· Japanese shares edged up Friday after markets in China and Hong Kong found some stability amid ongoing unrest in Hong Kong, but the gains were limited by nagging fears of a global economic slowdown.
The Nikkei index gained 0.06% on Friday to 20,418.81. The index fell 1.2% in the previous session.
“The rise by equities in Hong Kong and Shanghai amid a suggestion by U.S. President (Donald) Trump to China’s president that they discuss issues, including the situation in Hong Kong, has supported the market,” said Yutaka Miura, senior technical analyst at Mizuho Securities.
“But the market’s gains are limited by global recession fears.”
· China stocks closed up on Friday to end the week higher, aided by gains for consumer firms, as Beijing moves to boost consumption further to tackle slowing economic growth.
The blue-chip CSI300 index rose 0.5%, to 3,710.54, while the Shanghai Composite index rose 0.3% to 2,823.82.
· European markets open higher on Friday as investors monitor Treasury yields for clues on a possible recession.
The pan-European Stoxx 600 was up by 0.35% with every sector moving higher.
Investor sentiment, already dampened by a slowing economy and ongoing Sino-U.S. trade tensions, turned more pessimistic in recent days after the U.S. 2-year/10-year Treasury yield curve inverted — a market move that is widely considered to be a signal of a looming recession.
Reference: CNBC, Reuters
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