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Jan. 11, 2019, 3:56 a.m. EST

Fed restraint, trade hopes bolster Asian markets

Nikkei, Hang Seng rise following Wall Street’s gains

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By Marketwatch and Associated Press


Bloomberg News
Shares of Japan’s Fast Retailing, which owns Uniqlo, soared Friday.

Asian markets saw a largely positive session Friday as investors cheered a more restrained Federal Reserve and U.S.-China trade talks.

Japan’s Nikkei 225 index /zigman2/quotes/210597971/delayed JP:NIK +0.84%  closed up 0.9% and South Korea’s Kospi /zigman2/quotes/210598069/delayed KR:180721 +0.15%   gained 0.6%. Hong Kong’s Hang Seng /zigman2/quotes/210598030/delayed HK:HSI +0.36%   rose 0.6%, while the Shanghai Composite index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.58%   added 0.7%. Australia’s S&P ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.98%   slipped 0.3%. Shares rose Taiwan  , Singapore /zigman2/quotes/210597985/delayed SG:STI +0.25%   and Malaysia /zigman2/quotes/210598052/delayed MY:FBMKLCI +0.03% .

Among individual stocks, Japan’s Fast Retailing /zigman2/quotes/200663563/delayed JP:9983 +0.15%  , owner of Uniqlo stores, jumped 6% despite reporting an 8% slump in year-over-year operating profit last quarter. Shares of camera makers Olympus /zigman2/quotes/200860615/delayed JP:7733 +2.77%   and Nikon /zigman2/quotes/203281219/delayed JP:7731 +2.21%   surged. In Hong Kong, Apple /zigman2/quotes/202934861/composite AAPL +2.46%   component makers AAC /zigman2/quotes/201441510/delayed HK:2018 +1.95%   and Sunny Optical /zigman2/quotes/206687505/delayed HK:2382 +0.42%   continued to rebound from last week’s losses. Samsung /zigman2/quotes/209800866/delayed KR:005930 +0.37%   rose more than 1% in Korea.

Earlier, U.S. stocks bounced back from a rocky start on Thursday, recording their fifth straight gain. Macy’s /zigman2/quotes/201854387/composite M -3.44%   suffered its biggest loss of all time, putting a drag on retailers. But industrial companies rallied after U.S. negotiators said China had agreed to buy more energy and agricultural products and manufactured goods. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.18%   gained 0.5% to 2,596.64. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.25%   added 0.5% to 24,001.92 and the Nasdaq composite /zigman2/quotes/210598365/realtime COMP +0.74%   was up 0.4%6,986.07.

In a speech on Thursday, Federal Reserve Chairman Jerome Powell stressed that the central bank has the “ability to be patient” with its plans to gradually raise interest rates. He echoed the tone of Fed officials who were present at a meeting last month.

Minutes of the meeting, which were released a day earlier, showed the officials believed that the central bank could afford to be “patient” with rate hikes, given volatile stock markets, trade tensions and shaky global growth. A market-sensitive Fed is reassuring to investors who fear its tightening policies would send the U.S. economy into recession.

Talks between American and Chinese negotiators may have ended without significant breakthroughs, but traders are choosing to focus on the positives. The fact that talks lasted a day longer than planned, the release of conciliatory statements from both sides and the possibility of higher-level talks in the near future are fueling gains in Asia. Treasury Secretary Steve Mnuchin said late Thursday that he expects China top trade official, Vice Premier Liu He, to visit the U.S. for more trade talks later this month.

“Positive signs on the trade war front continue to resonate favorably with investors, all of which suggest Asia stocks are ready for gains,” Stephen Innes, head of Asia Pacific trading at Oanda, said in a Friday research note.

Oil prices were poised for a 10th straight session of gains. Benchmark U.S. crude   shook off earlier losses to rise nearly 1% to $53.06 per barrel in electronic trading on the New York Mercantile Exchange. The contract is has surged by 23.7 percent since Dec. 24. It added another 23 cents to $52.59 per barrel on Thursday. Brent crude  , used to price international oils, added 0.5% to $61.98 per barrel on Friday.

The dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0009%   eased to 108.28 yen from 108.43 yen late Thursday.

/zigman2/quotes/210597971/delayed
JP : Nikkei
29,406.30
+244.50 +0.84%
Volume: 0.00
June 15, 2021 10:07a
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/zigman2/quotes/210598069/delayed
KR : Korea Exchange
3,257.03
+4.90 +0.15%
Volume: 583,067
June 15, 2021 10:07a
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/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
28,842.13
+103.25 +0.36%
Volume: 17,471
June 15, 2021 9:05a
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,589.75
-21.11 -0.58%
Volume: 36.06B
June 11, 2021 3:01p
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/zigman2/quotes/210598100/delayed
AU : S&P ASX
7,384.30
+72.00 +0.98%
Volume: 146,315
June 15, 2021 11:07a
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/zigman2/quotes/210597985/delayed
SG : Singapore: SGX
3,161.15
+8.01 +0.25%
Volume: 0.00
June 15, 2021 9:12a
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/zigman2/quotes/210598052/delayed
MY : Malaysia
1,582.88
+0.42 +0.03%
Volume: 0.00
June 15, 2021 9:12a
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/zigman2/quotes/200663563/delayed
JP : Japan: Tokyo
¥ 84,460.00
+130.00 +0.15%
Volume: 141,700
June 15, 2021 10:07a
P/E Ratio
90.22
Dividend Yield
0.57%
Market Cap
¥8425.70 billion
Rev. per Employee
¥34.80M
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/zigman2/quotes/200860615/delayed
JP : Japan: Tokyo
¥ 2,407.50
+65.00 +2.77%
Volume: 849,600
June 15, 2021 10:07a
P/E Ratio
53.66
Dividend Yield
0.58%
Market Cap
¥2929.42 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/203281219/delayed
JP : Japan: Tokyo
¥ 1,202.00
+26.00 +2.21%
Volume: 700,400
June 15, 2021 10:07a
P/E Ratio
N/A
Dividend Yield
2.50%
Market Cap
¥434.02 billion
Rev. per Employee
N/A
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/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 130.48
+3.13 +2.46%
Volume: 96.91M
June 14, 2021 4:00p
P/E Ratio
29.28
Dividend Yield
0.67%
Market Cap
$2125.17 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/201441510/delayed
HK : Hong Kong
HK$ 54.95
+1.05 +1.95%
Volume: 141,500
June 11, 2021 4:08p
P/E Ratio
38.81
Dividend Yield
0.55%
Market Cap
HK$66.41 billion
Rev. per Employee
HK$570,931
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/zigman2/quotes/206687505/delayed
HK : Hong Kong
HK$ 191.40
+0.80 +0.42%
Volume: 7,445
June 11, 2021 4:08p
P/E Ratio
38.07
Dividend Yield
0.55%
Market Cap
HK$209.40 billion
Rev. per Employee
HK$1.75M
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/zigman2/quotes/209800866/delayed
KR : S. Korea: KRX
80,800.00
+300.00 +0.37%
Volume: 3.27M
June 15, 2021 10:07a
P/E Ratio
19.40
Dividend Yield
1.79%
Market Cap
₩544692.93 billion
Rev. per Employee
₩2.16B
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/zigman2/quotes/201854387/composite
US : U.S.: NYSE
$ 18.79
-0.67 -3.44%
Volume: 13.10M
June 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.07 billion
Rev. per Employee
$239,027
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/zigman2/quotes/210599714/realtime
US : S&P US
4,255.15
+7.71 +0.18%
Volume: 1.85B
June 14, 2021 5:15p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
34,393.75
-85.85 -0.25%
Volume: 302.55M
June 14, 2021 5:15p
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/zigman2/quotes/210598365/realtime
US : Nasdaq
14,174.14
+104.72 +0.74%
Volume: 4.09M
June 14, 2021 5:16p
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/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
110.0730
+0.0010 +0.0009%
Volume: 0.0000
June 14, 2021 9:27p
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