Asian Shares Follow Wall Street Higher With Inflation Data In Focus

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(RTTNews) - Asian stocks ended broadly higher on Friday as investors braced for key U.S. inflation data due later in the day and next week's FOMC rate decision.

The Federal Reserve is widely expected to raise rates by 50 bps and signal that rate hikes could continue for longer than expected in the face of stubborn inflation.

Chinese shares eked out modest gains, with the benchmark Shanghai Composite rising 0.30 percent to 3,206.95 after the government loosened some of the world's strictest COVID-19 restrictions and inflation data came in line with expectations.

Consumer prices in China were up 1.6 percent year-on-year in November, down from 2.1 percent in October, the National Bureau of Statistics said.

Producer prices dropped an annual 1.3 percent versus expectations for a decline of 1.4 percent.

Hong Kong's Hang Seng index rallied 2.32 percent to 19,900.87, led by gains in the property sector as Sunac China Holdings said it has made significant progress in formulating a restructuring framework with offshore creditors.

Japanese stocks rallied on China reopening optimism and signs that the Federal Reserve's interest-rate hikes could soon slow.

The Nikkei average climbed 1.18 percent to 27,901.01, marking its biggest daily gain since Nov. 11. The broader Topix index jumped 1.03 percent to settle at 1,961.56.

Chip-related Advantest surged 5.8 percent while Tokyo Electron and Screen Holdings gained around 3 percent each.

Technology investor SoftBank Group rose 1.2 percent and cosmetic maker Shiseido added 3.2 percent.

Toshiba Corp surged 4.4 percent after reports that its preferred bidder Japan Industrial Partners has moved closer to securing financing from banks.

Seoul stocks rose notably, with the Kospi average climbing 0.76 percent to finish at 2,389.04. Tech heavyweights Samsung Electronics and SK Hynix jumped 2-3 percent.

Australian markets advanced after three consecutive sessions of losses. The benchmark S&P ASX 200 rose 0.53 percent to 7,213.20 while the broader All Ordinaries index closed half a percent higher at 7,406.30.

Miners topped the gainers list on hopes of revived Chinese demand. Tech stocks also surged, with Block Inc gaining nearly 4 percent.

Nitro Software rallied 3.4 percent after receiving a sweetened bid from top shareholder Potentia Capital.

Across the Tasman, New Zealand's benchmark S&P NZX-50 index slipped 0.18 percent to close at 11,596.03.

U.S. stocks rebounded overnight after recent selling on concerns about the outlook for interest rates and the economy.

The S&P 500 edged up 0.8 percent to snap a five-day winning streak, the Dow rose 0.6 percent and the tech-heavy Nasdaq Composite climbed 1.1 percent.

Swiss Market Ends On Bright Note

The Switzerland market closed on a strong note on Friday, mirroring the trend in markets across Europe and elsewhere, as worries about trade tensions eased after China stated its willingness to hold talks with the U.S.

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European Stocks Close On Buoyant Note

European stocks closed higher on Friday, with the major markets in the region posting strong gains, amid easing concerns about U.S-China trade relations, and on upbeat U.S. non-farm payroll data.

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Canadian Market Up Firmly In Positive Territory

The Canadian market is up firmly in positive territory a little past noon on Friday, amid easing concerns about U.S.-China trade tensions following China expressing willingness to hold tariff talks with the United States. Data showing a much higher than expected increase in U.S. non-farm payroll growth in the month of April is also aiding sentiment.

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U.S. Factory Orders Spike Slightly Less Than Expected In March

The Commerce Department released a report on Friday showing a sharp increase by new orders for U.S. manufactured goods in the month of March. The report said factory orders spiked by 4.3 percent in March after rising by a downwardly revised 0.5 percent in February.

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U.S. Employment Jumps By 177,000 Jobs In April, Much More Than Expected

Job growth in the U.S. far exceeded economist estimates in the month of April, according to a closely watched report released by the Labor Department on Friday. The Labor Department said non-farm payroll employment shot up by 177,000 jobs in April compared to expectations for an increase of about 130,000 jobs.

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Eurozone Inflation Remains Stable At 2.2%

Euro area annual inflation remained stable in April near the European Central Bank's 2 percent target, but the trade tariff uncertainty clouds the outlook. The harmonized index of consumer prices grew 2.2 percent on a yearly basis in April, the same pace of increase as seen in March, flash data from Eurostat showed on Friday. Prices were expected to climb at a slower pace of 2.1 percent.

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Eurozone Manufacturing Activity Shrinks At Slower Pace

Euro area factory activity contracted at a slower pace in April as production grew at the fastest pace in more than three years, final data of the purchasing managers' survey by S&P Global showed Friday. The HCOB manufacturing Purchasing Managers' Index rose to a 32-month high of 49.0 in April from 48.6 in March. The score was also above the flash estimate of 48.7.

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Bay Street May Open Higher

The Canadian market is likely to open on a positive note on Friday, tracking firm European stocks amid easing concerns over U.S.-China trade tensions after Beijing stated its willingness to engage in tariff negotiations with the United States.

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EURUSD	1.13026	GBPUSD	1.3275	AUDUSD	0.64458
USDJPY	144.919	USDCAD	1.38075	USDCHF	0.82749

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Asian Shares Follow Wall Street Higher With Inflation Data In Focus