Fed restraint, trade hopes bolster Asian markets

Asian markets saw a largely positive session Friday as investors cheered a more restrained Federal Reserve and U.S.-China trade talks.

Japan’s Nikkei 225 index NIK, +0.97%  closed up 0.9% and South Korea’s Kospi SEU, +0.60%   gained 0.6%. Hong Kong’s Hang Seng HSI, +0.55%   rose 0.6%, while the Shanghai Composite index SHCOMP, +0.74%   added 0.7%. Australia’s S&P ASX 200 XJO, -0.36%   slipped 0.3%. Shares rose Taiwan Y9999, +0.40%  , Singapore STI, +0.48%   and Malaysia FBMKLCI, +0.26% .

Among individual stocks, Japan’s Fast Retailing 9983, +6.19%  , owner of Uniqlo stores, jumped 6% despite reporting an 8% slump in year-over-year operating profit last quarter. Shares of camera makers Olympus 7733, +9.88%   and Nikon 7731, +4.21%   surged. In Hong Kong, Apple AAPL, +0.32%   component makers AAC 2018, +5.00%   and Sunny Optical 2382, +2.69%   continued to rebound from last week’s losses. Samsung 005930, +1.76%   rose more than 1% in Korea.

Earlier, U.S. stocks bounced back from a rocky start on Thursday, recording their fifth straight gain. Macy’s M, -17.69%   suffered its biggest loss of all time, putting a drag on retailers. But industrial companies rallied after U.S. negotiators said China had agreed to buy more energy and agricultural products and manufactured goods. The S&P 500 index SPX, +0.45%   gained 0.5% to 2,596.64. The Dow Jones Industrial Average DJIA, +0.51%   added 0.5% to 24,001.92 and the Nasdaq composite COMP, +0.42%   was up 0.4%6,986.07.

In a speech on Thursday, Federal Reserve Chairman Jerome Powell stressed that the central bank has the “ability to be patient” with its plans to gradually raise interest rates. He echoed the tone of Fed officials who were present at a meeting last month.

Minutes of the meeting, which were released a day earlier, showed the officials

Read More Here...

Bookmark the permalink.