Japanese shares led a rebound in Asian markets on Friday, building on the lead from investors on Wall Street snapping up stocks that would benefit most from an economic recovery.
The rally interrupted a three-day rout for stocks globally, as market jitters over accelerating U.S. inflation were calmed by Federal Reserve officials reiterating that price pressures from the reopening of the economy would prove transitory.
· Philippine stocks hit 6-month low, Taiwan equities rebound
Philippine stocks shed 2% on Friday as
investors continued to worry about lack of growth despite easing of restrictions there, while Taiwan stocks tracked gains in Asia after the island's premier reassured that it was prepared to
fight the pandemic.
· Indian shares flat, Asian Paints soars after strong results
The NSE Nifty 50 index edged down 0.09% to 14,683.2 by 0459 GMT, while the S&P BSE Sensex was 0.03% higher at 48,702.98. Both indexes are set to finish the holiday-shortened week about 1% lower after losses earlier in the week on U.S. inflation worries.
· China stocks rise as financial, healthcare firms rebound; Hong Kong up
China stocks climbed on Friday as financial and healthcare firms gained, leading a rally in Asian markets as U.S. Fed officials allayed inflation fears.
The CSI300 index rose 1.7% to 5,079.30 points at the end of the morning session, while the Shanghai Composite Index advanced 1.2% to 3,471.17 points
Leading the pack, the CSI300 financials index and the CSI300 healthcare index rallied 2% and 2.8%, respectively.
In Hong Kong, the Hang Seng index rose 1.0% to 27,981.51 points, while the Hong Kong China Enterprises Index was up 0.4% at 10,382.09.
· Investors are also focused on the development of Sino-U.S. relations.
The United States needs new trade law tools to head off anti-competitive threats from China against key American high-technology industries, rather than reacting once harm is done, U.S. Trade Representative Katherine Tai said on Thursday.
· European stocks climb as global markets rebound
European stocks climbed to finish the week after Wall Street snapped a three-day losing streak on Thursday, having been rocked by inflation concerns in recent sessions.
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