SINGAPORE – Shares in the Asia-Pacific region rose on Friday as investors weighed recession fears.
Logistics company GoGoX soared to HK$23.15 ($2.95) on its first appearance on the city’s stock market, last trading at HK$22.40, up from the bid price of HK$21.50.
In Japan markets, the Nikkei 225 It advanced nearly 1%, while Topix gained 0.56%.
South Korea Cosby The KOSDAQ Index is up 1.85%, and the KOSDAQ Index is up by 4.43%.
The S & P / ASX 200 In Australia it rose 0.26%. The New Zealand market is closed for a holiday on Friday.
MSCI’s broadest index of Asia Pacific shares was up 0.92%.
Victor Schwitz, head of global and Asian strategy at Macquarie Capital, said markets will find greater stability when major indicators and inflation data begin to ease.
“Right now, markets are much more petrified of recession than they are of inflation,” he told CNBC’s Street Signs Asia.
“I think in the next three to six months, we’ll find out what it is – whether we’re going to avoid a recession, or we’re going to go much deeper,” he added.
Japan’s core consumer prices rose 2.1% for the month of May from a year earlier, in line with estimates, according to Reuters. This is above the Bank of Japan’s 2% inflation target. However, Reuters said consumer prices rose 0.8% only if fresh food and energy were withdrawn.
Looking ahead, Reserve Bank of Australia Governor Philip Lowe is also scheduled to speak on inflation later in the day.
Overnight in the United States, Shares rose late in the day on fears of a recession. Several large banks this week raised their forecasts of recession.
The Dow Jones Industrial Average jumped 194.23 points, or 0.64%, to 30,677.36 points. The S&P 500 advanced 0.95% to 3795.73, and the Nasdaq Composite rose 1.62% to 11232.19.
The US dollar indexwhich measures the US currency against a basket of other currencies, was at 104.293.
Oil futures were little changed after an earlier rally in Asian trade. US crude futures contracts It rose 0.1% to $104.37 a barrel, while the international benchmark rose Brent crude It fell 0.12% to $109.92 a barrel.
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