Major stock indexes in Asia closed higher on Friday despite fresh overnight uncertainties surrounding the ongoing U.S.-China trade negotiations.
In Japan, the Nikkei 225 galloped 198.93 points, or 1%, to 20,773.56. Shares of conglomerate Softbank Group rose 1.8%
Before the market open, official data showed core consumer prices in Tokyo rose 1.1% on-year in January, beating an estimated 0.9% increase predicted by economists. The inflation measure accounts for oil products but does not include fresh food prices.
Korean markets surged as shares of industry heavyweight Samsung Electronics and chipmaker SK Hynix extended their gains from Thursday.
The Japanese yen, widely seen as a safe-haven currency, traded at 109.79 against the U.S. dollar after seeing lows around 109.5 yesterday.
In Hong Kong, the Hang Seng Index leaped 448.21 points, or 1.7%, to 27,569.19. Shares of Chinese tech juggernaut Tencent bounced 4.1% on the back of the company receiving approvals for two new games after months of waiting.
Australian markets moved upwards, with most sectors seeing gains.
The heavily-weighted financial subindex added about 0.4% as shares of the country’s so-called Big Four Banks gained. Australia and New Zealand Banking Group was up 1%, Commonwealth Bank of Australia rose fractionally, Westpac advanced 0.6% and National Australia Bank added 0.7%
The Australian dollar was at $0.7101 U.S.
CHINA
In Shanghai, the CSI 300 moved ahead 25.69 points, or 0.8%, to 3,184.47
U.S. Commerce Secretary Wilbur Ross said on Thursday that China and the U.S. were not close to striking a trade deal. He told the media that the U.S. is “miles and miles ” from a trade deal with China, adding the two countries have “lots and lots of issues.”
Ross’ comments come as China and the U.S. are racing to strike a trade deal by early-March. If they don’t, additional U.S. tariffs on Chinese goods will come into effect. The two economic powerhouses have been engaged in an ongoing trade fight since last year.
Chinese Vice Premier Liu He is set for a scheduled visit to the U.S. next week for high level talks.
In other markets
In Singapore, the Straits Times Index gained 11.52 points, or 0.4%, to 3,202.25
In Korea, the Kospi index vaulted 32.7 points, or 1.5%, to 2,177.73
In Taiwan, the Taiex index gained 92.49 points, or 0.9%, to 9,969.61
In New Zealand, the NZX 50 inched higher 1.64 points to 9,110.55
In Australia, the ASX 200 hiked 39.91 points, or 0.7%, to 5,905.61
