On May 2, 2024, a rider passed by the entrance of the Tokyo Stock Exchange (TSE) headquarters building in the Nihonbashi area of Tokyo.
Richard A. Brooks | AFP | Getty Images
Japanese stocks led gains in Asia on Friday, posting their best weekly performance in four years, with the Nikkei 225 and Topix both rising more than 2%, as Wall Street rose overnight as new economic data eased fears of a recession.
U.S. retail sales Increase Growth in July was 1%, far exceeding Dow Jones’ forecast of 0.3%. Initial jobless claims also fell this week.
“Today’s solid retail sales and claims data are a reminder that the sky is not falling for the U.S. economy,” Stephanie Ross, chief economist at Wolff Research, wrote Thursday. “Yes, economic momentum has cooled, but “It doesn’t look like we’re going to be in recession right away.”
Asian traders assessed revised trade data from South Korea and export data from Singapore. Second-quarter GDP data for Taiwan and Hong Kong will be released after the market closes.
Singaporean Non-oil domestic exports grow in July It was 15.7% year-on-year and down 8.8% from June, significantly exceeding the 1.2% growth expected in a Reuters survey.
Total trade increased by 13.7% in July 2024, following a 1.2% increase in June, as both exports and imports increased.
Korean Cospi After the holiday, the stock price rose 1.8%, and the small-cap Kosdaq index rose 1.13%.
the country’s Revised July trade data In line with preliminary data, exports rose 13.9% to $57.5 billion and imports rose 10.5% to $53.9 billion.
Australian S&P/ASX 200 Index The increase was smaller, 1.3%. On Friday, Reserve Bank of Australia Governor Michelle Bullock said that while markets had raised expectations for rate cuts following inflation results in the United States and Australia, It’s “too early” to consider a rate cut.
She noted that inflation remains “too high” and is not expected to return to the top of the Reserve Bank of Australia’s 2 to 3 per cent target range until the end of next year.
“Of course, circumstances may change and the outlook is uncertain. But based on what the board currently knows, no rate cut is expected in the near term.”
Hong Kong Hang Seng Index The CSI 300 Index rose 1.09%, and the CSI 300 Index rose 0.15%.
