An worker works on the Tokyo Stock Exchange in Tokyo, Japan, on Jan. 13, 2022.
Toru Hanai | Bloomberg | Getty Images
Shares within the Asia-Pacific jumped on Friday, taking the lead from Wall Street overnight as investors shook off a robust inflation report.
The Nikkei 225 in Japan was 2.69% higher in early trade, while the Topix gained greater than 2%. Japan’s yen plunged to its lowest levels against the U.S. dollar since 1990 overnight before paring losses, and still trading at 147-levels.
In Australia, the S&P/ASX 200 gained 1.6%. South Korea’s Kospi advanced 2% and the Kosdaq climbed 3.25%.
The Hang Seng index in Hong Kong gained 1.95%. In mainland China, the Shanghai Composite was up 0.79% and the Shenzhen Component gained almost 1%.
MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.59% higher.
Singapore’s GDP grew 4.4% within the third quarter and is anticipated to further tighten its monetary policy.
Within the U.S., inflation data showed consumer prices increased greater than expected in September, with CPI rising 0.4% from August, and eight.2% from September last yr. Core inflation accelerated even faster in September.
Stocks had a volatile session but ultimately rebounded to shut higher, with each major index gaining greater than 2%. The Dow Jones Industrial Average soared 1,500 points from its lows to the best level on Thursday within the U.S.
“Equity investors seemingly decided that a stronger U.S. inflation [report] today still doesn’t negate expectations of a pointy declines in prices ahead,” Rodrigo Catril, currency strategist at National Australia Bank, wrote in a note Friday. He added that the rally might have been a results of short-covering.
— CNBC’s Jeff Cox, Carmen Reinicke and Alex Harring contributed to this report.
