Asian shares rise after Dow gains
HONG KONG - Asian markets rose on Friday as bargain-hunters moved in after the previous session's heavy losses, with investors taking a lead from Wall Street and a positive batch of US data.
The dollar held on to its recent gains after the head of the Federal Reserve on Wednesday hinted that US interest rates could be hiked early next year, sooner than analysts had expected.
Sydney climbed 0.83%, or 44.1 points, to 5,338.1 and Seoul gained 0.80%, or 15.42 points, to close at 1,934.94 while Shanghai surged 2.72%, or 54.14 points, to 2,047.62 after big losses Thursday. Hong Kong jumped 1.20%, or 254.54 points to 21,436.70.
Tokyo was closed for a public holiday.
Security guards cover a screen displaying stock information in preparation for a lecture after the market closed at a brokerage in Huaibei, Anhui province, on Friday. China shares climbed on Friday, as investors snapped up stocks after the expiry of Chinese futures, focusing on sectors such as coal and banks which have been hammered recently on concerns about the slowing economy. (Photo by Reuters)
Global markets skidded after Janet Yellen told a news conference that a rate rise could come 'around six months' after the bank's stimulus programme ends. Economists took that to mean an increase in borrowing costs in the first half of 2015. They had forecast a hike in the latter part of the year.
However, US shares enjoyed a bounce on Thursday from a string of upbeat data.
The Labor Department released figures showing initial claims for jobless benefits were lower than expected last week, while the Philadelphia Federal Reserve's March manufacturing activity index beat forecasts.
Also, the Conference Board's leading economic index for February came in above expectations, while US existing-home sales for February met expectations.
The Dow rose 0.67%, the S&P 500 advanced 0.60% and the Nasdaq added 0.27%.
On forex markets, the dollar maintained its strength after rallying in response to Mrs Yellen's remarks.
The euro fetched $1.3771 against $1.3779 in New York late Thursday, while the greenback also bought 102.11 yen compared with 102.42 yen. It had been sitting at $1.3930 to the euro and 101.51 yen before the rate remarks.
The euro fetched 140.67 yen from 141.14 yen.
Oil prices slipped. New York's main contract, West Texas Intermediate for May delivery, tumbled 17 cents to $98.73 a barrel and Brent crude for May dipped two cents to $106.43.
Gold fetched $1,330.30 an ounce at 0800 GMT compared with $1,325.28 late Thursday.
In other markets, Taipei slipped 0.23%, or 20.16 points, to 8,577.17. Acer rose 0.85% to T$17.8 while Formosa Plastics dropped 1.08% to T$73.
Wellington fell 0.69%, or 35.40 points, to 5,124.99.
Telecom was down 0.63% at NZ$2.375 and Mighty River Power slipped 0.47% to NZ$2.10.
Manila shed 1.22%, or 78.09 points, to 6,339.26.
JG Summit Holdings tumbled 5.24% to 47 pesos and Philippines Long Distance Telephone lost 2.47% to 2,680 pesos, while GT Capital Holdings was down 2.12% at 808.50 pesos.
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