Asia extends gains over trade relief

Asian shares closed higher on Friday, extending gains after Wall Street rebounded as technology stocks there touched all-time highs. There was also some relief coming from the lack of escalation in trade tensions between the U.S. and China.

In Japan, the Nikkei 225 hurtled 409.39 points, or 1.9%, higher to end the week at 22,597.35, as stocks extended Thursday's gains, with the yen weaker on the day.

In Hong Kong, the Hang Seng gained 44.61 points, or 0.2%, to 28,525.44, with consumer goods and services contributing to overall gains before the market close.

In Japan, the services sector led broad gains on the index, with electric appliances and textiles sectors also rising more than 1%. Among index heavyweights, Fast Retailing advanced 7% after posting robust earnings overnight while Fanuc gained 1.9%.

The Nikkei closed the week higher by 3.7%. That was the index's largest weekly gain since March.

In currencies, the U.S. dollar strengthened against the yen to trade at 112.69, earlier touching a six-month high overnight.


In Shanghai, the CSI 300 picked up 11.63 points, or 0.3%, to 3,492.69

Friday's extended recovery in markets also followed the relative calm on the trade front overnight, with the Chinese commerce ministry saying Thursday that China had not been in touch with the U.S. about restarting trade talks

On the economic front, Chinese exports in dollar terms rose 11.3% in June, compared to one year ago, slightly beating expectations. Dollar-denominated imports rose 14.1%, missing the 20.8% increased forecast.

Of note, China's trade surplus with the U.S. grew to $28.97 billion last month. The new surplus is the highest on record.

In other markets

In Singapore, the Straits Times Index gained 7.34 points, or 0.2%, to 3,260.35

In Taiwan, the Taiex index surged 126.16 points, or 1.2%, to 10,864.54

In Korea, the Kospi index hiked 25.84 points, or 1.1%, to 2,310.90

In New Zealand, the NZX 50 regrouped 38.72 points, or 0.2%, to 8,985.47

In Australia, the ASX 200 cleared breakeven just 0.09 points to 6,268.39