Asian indices were somewhat higher – with Chinese leading the way – while those in Australia and New Zealand were somewhat flat Friday.
Japan’s Nikkei 225 index edged up 4.50 points to 16,178.94, as the yen strengthened, but recovering at the end of the day to end flat. The yen was trading at ¥104.73 against the U.S. dollar late Friday, compared with ¥104.93 Thursday.
A smattering of data releases from Japan failed to inspire investors, even as the closely watched consumer-price index rose 1.2% on year in November, above the 1.1% expected by economists. That marks the sixth straight month of price rises and brings the country closer to the 2% inflation target pledged by the government and the Bank of Japan.
Hong Kong’s Hang Seng Index took on 63.69 points, or 0.3%, to 23,423.24, helped by gains in heavyweight technology companies such as technology giant Tencent Holdings Ltd., which added 2.5%.
In Tokyo, telecommunications provider SoftBank Corp. was 1.7% higher, extending previous gains linked to reports that the company was preparing to turn to the U.S. bond market to raise more than ¥2 trillion ($19 billion U.S.) to acquire U.S. mobile carrier T-Mobile US
Among Japanese losers was Takeda Pharmaceutical Co., which lost 5.2% a day after announcing that it would stop producing fasiglifam, a diabetes drug, due to concerns about patients’ liver safety.
Korean markets were unfazed by a downgrade of the country’s economic growth forecast for next year to 3.9% from a June projection of 4%, which the government put down to external factors such as uncertain U.S. fiscal policy and volatility in regional capital flows.
CHINA
Chinese shares outperformed Asia, as a week-long spike in interbank lending rates settled Friday, easing concerns about the health of China’s financial system.
Shanghai’s CSI 300 index gained 38.15 points, or 1.7%, to 2,303.48
The benchmark rate Chinese banks charge each other to borrow was at 5.09%, down from 5.33% Thursday, providing relief to investors looking for liquidity in the market at a time of year in which companies and banks are trying to shore up their balance sheets for year-end reports.
In other markets;
Korea’s Kospi Index added 2.98 points, or 0.2%, to 2,002.28
Taiwan’s Taiex Index moved higher 49.15 points, or 0.6%, to 8,535.04
The Singapore Straits Times Index gathered 15.40 points, or 0.5%, to 3,149.76
In New Zealand, the NZX 50 erased 0.58 points to 4,767.36
In Australia, the S&P/ASX 200 ditched 3.14 points, or 0.1%, to 5,324.06
