Currencies, oil, Wall Street, stock market beginnings
SINGAPORE — Stocks in the Asia-Pacific region were mixed on Friday as investors weigh down recession fears.
In Japanese markets, the Nikkei 225 rose 0.13%, while the Topix fell 0.11%.
The South Korean Kospi gained 0.7% and the Kosdaq rose 1.34%.
The S&P/ASX 200 in Australia slipped 0.21%. The New Zealand market is closed for a public holiday on Friday.
Core consumer prices in Japan rose 2.1% for the month of May from a year earlier, in line with estimates, according to Reuters. This is above the Bank of Japan’s 2% inflation target. However, consumer prices rose only 0.8% if fresh food and energy were removed, Reuters said.
Looking ahead, logistics company GoGoX is expected to start marketing in the Hong Kong market. Reserve Bank of Australia Governor Philip Lowe is also expected to speak on inflation later today.
Overnight in the United States, stocks rose in a late-day rally amid recession fears. Several major banks this week raised their expectations of a recession.
The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 rose 0.95% to 3,795.73 and the Nasdaq Composite gained 1.62% to 11,232.19.
Currencies and Oil
The Japanese yen strengthened to 134.76 to the dollar, recovering from levels of 136 against the greenback earlier this week. The Australian dollar was at $0.6903, after mostly trending lower this week.
Oil futures rose slightly in Asian trading. U.S. crude futures gained 0.35% to $104.64 a barrel, while international benchmark Brent crude gained 0.34% to $110.43 a barrel.