Asia stocks advance tracking global peers higher; investors assess China inflation data

The Asia-Pacific equity markets saw a moderate rebound on Friday, drawing positive momentum from a strong performance on Wall Street as better-than-expected US jobless claims data alleviated fears of a recession. Investors digested data showing consumer prices in China rose more than expected in July, while producer prices remained deflationary.

Japan (NKY:IND) +0.56%. The Nikkei 225 Index rose on Friday, reversing losses from the previous session.

The Japanese yen depreciated past 147 per dollar, hovering near a one-week low, as the dollar strengthened on better-than-expected US jobless claims data.

China (SHCOMP) -0.27%. The Shanghai Composite fell on Friday, hovering close to six-month lows, as investors reacted to the latest inflation figures in China. Data showed that consumer prices in China rose more than expected in July, while producer prices remained deflationary.

China’s vehicle sales shrank by 5.2% from a year earlier in July 2024, steeper than a 2.7% fall in the previous month.

Hong Kong (HSI) +1.38%. Shares in Hong Kong soared in early trade on Friday, rising for the third day as investors reacted to China’s fresh data.

India (SENSEX) +0.95%. The stock market in India rose in early deals on Friday, rebounding from the previous session, supported by gains in all sectors, led by auto.

Australia (AS51) +1.25%. The S&P/ASX 200 Index jumped on Friday, recouping some losses from earlier this week.

In the U.S., on Thursday, all three major indexes ended higher, posted their biggest daily gain since November 2022, aided by a drop in unemployment claims that alleviated concerns about a potential economic slowdown.

U.S. stock futures held steady on Friday after rebounding sharply in the previous session: Dow +0.11%; S&P 500 +0.09%; Nasdaq +0.12%.

Bitcoin rallied more than 10% to above $60,000, hitting a one-week-high.

Currencies: (JPY:USD), (CNY:USD), (AUD:USD), (INR:USD), (HKD:USD), (NZD:USD).

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