Home Business Asia-Pacific stocks rise following Dow’s overnight rebound

Asia-Pacific stocks rise following Dow’s overnight rebound

by Sakuragun Chan

SINGAPORE — Stocks in Asia-Pacific rose in Friday trade following an overnight rebound on Wall Street.

In Japan, the Nikkei 225 gained 1.16% in morning trade while the Topix index rose 1.17%. South Korea’s Kospi advanced 0.37%.

Mainland Chinese stocks rose in early trade, with the Shanghai composite up 0.79% while the Shenzhen component jumped 1.13%.

Hong Kong’s Hang Seng index gained 0.91%. Shares of Baidu, however, plunged more than 8%. The firm saw a muted debut in the city earlier this week.

Shares in Australia edged higher, as the S&P/ASX 200 gained 0.37%.

MSCI’s broadest index of Asia-Pacific shares traded 0.71% higher.

Powell comments

Federal Reserve Chairman Jerome Powell acknowledged Thursday that fiscal help from Congress and accelerated vaccine distribution has allowed the U.S. to recover faster than expected.

“As we make substantial further progress toward our goals, we’ll gradually roll back the amount of Treasurys and mortgage-backed securities we’ve bought,” Powell told NPR’s “Morning Edition” in a live interview. “We will very gradually, over time and with great transparency, when the economy has all but fully recovered, we will be pulling back the support that we provided during emergency times.”

Overnight on Wall Street, the Dow Jones Industrial Average gained 199.42 points to close at 32,619.48 while the S&P 500 ended its trading day 0.52% higher at 3,909.52. The Nasdaq Composite also rose 0.12% to close at 12,977.68.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.77 following its climb from levels below 92 earlier in the week.

The Japanese yen traded at 109.22 per dollar, having weakened from levels below 108.6 against the greenback seen earlier this week. The Australian dollar changed hands at $0.7596, still lower than levels around $0.774 seen earlier in the week.

Oil prices edged higher in the morning of Asia trading hours, with international benchmark Brent crude futures up 0.92% to $62.52 per barrel. U.S. crude futures also gained 1.13% to $59.22 per barrel.

— CNBC’s Jeff Cox contributed to this report.

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