TOKYO (AP) — Asian stocks rose Friday following gains on Wall Street, with the S&P 500 index back within 1% of its all-time high.
Benchmarks rose in Tokyo, Seoul, Sydney and China, where investors were closely watching the release of April inflation data.
In Japan, the Ministry of Finance reported a record current account surplus for the fiscal year ending in March, as strong car exports reduced the trade deficit and solid returns on overseas investment. But that positive data was undermined by weak consumer spending.
Japan's benchmark Nikkei 225 rose 0.4% to 38,229.11, while Australia's S&P/ASX 200 rose 0.5% to 7,761.90. South Korea's Kospi rose 0.8% to 2,733.06.
Hong Kong's Hang Seng shares rose 2.1% to $18,918.54, while the Shanghai Composite Stock Price Index rose 0.2% to $3,160.61.
Price data expected to be released on Saturday will be closely watched to see whether the economy regains momentum.
“Despite efforts, China has been grappling with consumer deflation for almost a year, presenting formidable challenges that the Chinese government has yet to overcome,” said Stephen Innes, managing partner at SPI Asset Management. Stated.
On Thursday, the S&P 500 rose 0.5% to 5,214.08. The Dow Jones Industrial Average rose 0.8% to $39,387.76, and the Nasdaq Composite Index rose 0.3% to $16,346.26.
report showing Increase in layoffs Contributed to market support. The number of workers applying for unemployment benefits exceeded economists' expectations last week, but remains relatively low compared to the past.
This could be a sign that the economy can strike the hoped-for balance of remaining strong enough to avoid a deep recession but not so strong as to put upward pressure on inflation.
Equinix soared 11.5% after reporting its latest quarterly profit that beat analysts' expectations. The company, which operates data centers around the world, also said an independent review led by its board of directors found no accounting discrepancies or errors that would require a financial restatement. Earlier, an investment firm had accused the company of “massive accounting manipulation.”
Yeti Holdings rose 12.8% after reporting better-than-expected profits for its latest quarter on strong sales of drinkware, coolers and equipment.
Cheesecake Factory's profit beat expectations and rose 6.2%. The results were encouraging following recent warnings from major food and drink companies. How much pressure is it putting on customers, especially low-income customers? I feel it.
airbnb Despite profit and sales exceeding expectations, the company fell 6.9%. It provided a range of expected earnings for the current quarter, but the midpoint was below analysts' expectations. The company said much of its business this year was concentrated between the second and first quarters due to the early arrival of Easter.
In the bond market, the yield on the 10-year U.S. Treasury note fell to 4.45% from 4.50% late Wednesday. The two-year Treasury yield, which more accurately reflects expectations for the Fed, fell to 4.81% from 4.84% late Wednesday.
The smooth implementation of the 30-year government bond auction contributed to maintaining stable yields.
Since then, government bond yields have fallen significantly. Federal Reserve Chairman Jerome Powell He said last week that despite a series of measures, the central bank was still closer to cutting key interest rates than raising them. Stubbornly high readings About this year's inflation.a Employment report cooler than expected On the other hand, on Friday, us economy We managed to avoid being too hot or too cold.
In energy trading, benchmark U.S. crude oil rose 60 cents to $79.86 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 54 cents to $84.42 per barrel.
In currency trading, the dollar rose slightly from 155.50 yen to 155.53 yen.
Although a weaker yen contributes to an increase in export earnings, it also reduces purchasing power, which is both a blessing and a cause for concern for Japan. Expectations are rising that the Bank of Japan will start raising interest rates, but it is unclear exactly how much and when they will raise interest rates. A year ago, the US dollar was trading at around 130 yen.
The euro fell from $1.0782 to $1.0776.
