Most Asian stock markets pushed higher Friday as a stronger than expected data about the Chinese economy has added to optimism about the recovery of the region.
Parts of China led the way after the government said industrial production, investment, loans and retail sales remained strong in the third world, the greatest economy in the last month with the help of stimulus measures colossal.
Together, the figures show China’s rapid economic growth has been kept to its dynamics and the concerns raised, at least for now, the government could limit liquidity growth this year and the stock market boom.
"There’s still a lot of momentum in the Chinese economy," said Kelvin Lau, Regional Economist at Standard Chartered Bank in Hong Kong. "Going forward, the question is whether you can get a more balanced and stable recovery."
It also helps the markets have been useful during the night on Wall Street after a fall in weekly unemployment claims helped address concerns about consumer spending in the largest economy in the world.
In China, the Shanghai Composite Index added 73.05 points, or 2.5 percent, to 2,997.94. Hong Kong’s Hang Seng rose 167.92 points, or 0.8 percent, to 21,237.48.
Elsewhere, South Korea’s Kospi rose 0.4 percent, India Sensex was up by 0.3 percent and Australia benchmark gained 0.6 percent.
Japanese market, however, opposed the upward trend in the dollar continued to lose ground against the yen, fueling major concerns of the exporting country could take a hit when you convert back to their revenue and profits from overseas.
The Nikkei 225 Stock Average lost 55.68 points, or 0.5 percent, to 10,457.99.
U.S. futures pointed to a lackluster open on Wall Street Friday. Dow futures were off 6, or 0.1 percent, to 9599, while the S & P futures gained 9.2, or 0.9 percent, to 1,041.70.
The dollar sank to ¥ 91.21 from ¥ 91.72. The euro rose to $ 1.4614 from $ 1.4574.
The dollar suffering offered support to oil prices, which are priced in dollars, as well as a drop in U.S. crude inventories, suggesting the application may be resumed. The reference contract gained 39 cents to $ 72.66 a barrel after rising 63 cents during the night.
Overnight in the United States, the Dow Jones rose 80.26, or 0.8 percent, to 9,627.48 for its highest close since 6 October, when it ended at 9956. The index is up 3.7 percent in five days.
The broader S & P 500 rose 10.77, or 1 percent, to 1,044.14. The Nasdaq Composite index rose 23.63, or 1.2 percent, to 2,084.02.
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