Asia-Pacific stocks higher as investors weigh recession fears

Japan +1.20%. Japan services PPI 1.8% y/y (prior 1.7%).

Japan CPI data for May: Headline 2.5% y/y (expected 2.9%).

Japanese official says weak yen is having an impact on the price of imported goods.

China +0.66%.

Hong Kong +1.68%

Australia +0.37%.

India +0.75%.

Overnight on Wall Street, Dow Jones climbed 194.23 points, or 0.64%, to 30,677.36, S&P 500 advanced 0.95% to 3,795.73, while Nasdaq gained 1.62% to 11,232.19.

Heads up for NZD traders – New Zealand markets closed for a holiday today.

Looking ahead, the Reserve Bank of Australia’s governor, Philip Lowe, is also set to speak on inflation later in the day.

Oil prices traded sideways on Friday after briefly rising nearly $1 per barrel, as the market balanced fears of slower demand from cooling U.S. economic activity with supply uncertainty.

Brent crude futures were trading down 5 cents, or 0.1%, at $110.00 a barrel by 0310 GMT, while U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.2%, at $104.46 a barrel.

Gold prices were flat on Friday but on course for their second straight weekly decline, with worries over major central banks potentially implementing big interest rate hikes to target runaway inflation weighing on bullion demand.

Spot gold was last up 0.1% to $1,824.72 per ounce at 0215 GMT, after hitting a one-week low of $1,820.99 earlier in the session. U.S. gold futures fell 0.2% to $1,825.90.

Spot silver firmed 0.4% to $21.02 per ounce, and platinum rose 0.9% to $915.11, but both were set for weekly losses.

Palladium climbed 1.4% to $1,870.29, and has gained about 3% this week.

U.S. futures higer. Dow Jones +0.61%; S&P 500 +0.77%; Nasdaq +1.00%.

Leave a Reply

Your email address will not be published.