Stocks in Asia rose on Friday as investors shrugged off data that showed China’s economy shrinking rapidly.
In Japan, the Nikkei 225 index regained 607.06 points, or 3.2%, to 19,897.26, as shares of index heavyweights Fast Retailing and Softbank Group surged more than 6% each.
The Japanese yen traded at 107.73 per U.S. dollar, having seen levels below 107.4 earlier in the trading week.
In Hong Kong, the Hang Seng index leaped 373.55 points, or 1.6%, to 24,380.
Meanwhile, U.S. stock futures jumped in early morning trading stateside following a report that said a Gilead Sciences drug was showing effectiveness in treating the coronavirus.
Australian markets surged. The Australian dollar changed hands at $0.6342, still off levels above $0.64 seen earlier this week.
CHINA
In Shanghai, the CSI 300 added 37.11 points, or 1%, to 3,839.49
China’s first-quarter GDP shrank 6.8% in 2020 as compared to a year ago, according to data from the National Bureau of Statistics of China.
That was the first quarterly decline since 1992, when official quarterly GDP reports started. Analysts had expected China’s GDP to have fallen 6.5% from last year, a sharp drop from the 6% growth recorded in the fourth quarter of 2019.
Investors have been closely watching economic data out of China, for insight on the magnitude of the coronavirus economic impact. As the country — where the first cases of the virus were reported — attempts to bring its economy back to speed, it faces headwinds as global demand takes a hit amid the proliferation of the disease globally.
In other markets
In Korea, the Kospi index gained 57.46 points, or 3.1%, to 1,914.53.
In Taiwan, the Taiex Index hiked 221.56 points, or 2.1%, to 10,597.04
In Singapore, the Straits Times Index nicked higher 2.35 points, or 0.4%, to 2,614.60.
In Australia, the ASX 200 recovered 71.26 points, or 1.3%, to 5,487.54
In New Zealand, the NZX 50 galloped 305.53 points, or 2.9%, to 10,778.72.
