Credit: Shutterstock photoForexpros - Asian stocks moved marginally higher Friday, as encouraging U.S. labor data and a strong showing on Wall Street helped to lift market sentiment for equities in the region.
During early Asian trade, Japan's Nikkei 225 Index advanced 0.6% 9,041.89, Australia's S&P/ASX 200 climbed 1.7% to 4,210.70 and South Korea's Kospi Index picked up 0.8% to 1,831.51.
Hong Kong's Hang Seng Index bucked the regional trend, dropping 0.95% to 19,595.10.
Along with the Nikkei, the broader-based Topix Index of all issues listed on the first section of the Tokyo Stock Exchange eased 0.57% to 775.27.
Earlier Thursday, the U.S. Labor Department reported that initial jobless claims dropped by 7,000 to a seasonally adjusted 395,000 last week.
Market expectations were for the figure to rise to 401,000 for the week ending August 6. It was the first time that U.S. jobless claims dipped below 400,000 since early April.
By the end of Thursday's trading session, the Dow Jones Industrial Average added 4%, the Nasdaq Composite Index rose 4.7%, and the S&P 500 was lifted 4.6%.
Financial issues got a boost from news that France, Italy, Belgium and Spain had announced new bans on short positions beginning Friday, according to the the European Securities and Marketing Authority .
The ban will be instituted in order to "restrict the benefits that can be achieved from spreading false rumors" following recent volatility in European markets, the ESMA said.
Commonwealth Bank of Australia gained 0.4%, Industrial and Commercial Bank of China added 1.2% and Sumitomo Mitsui Financial Group Inc. was up 0.6%
Trading resumed on the Hong Kong market on financial giant HSBC, which was halted in Thursday trade due to computer hacking concerns.
HSBC Holding PLC. advanced 1.9%.
The outlook for European stocks was mixed. France's CAC 40 futures was lower by 0.29% to 3,106, Britain's FTSE 100 futures fell 0.39% to 5,205.50, while Germany's DAX futures declined 0.43% to 5,842.30.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.