Asian Stocks Rise As Weak Jobs Data From U.S. Lifts Rate Pause Hopes

Asian markets finished Friday’s trading on a positive note, buoyed by the rally on Wall Street a day earlier in cognizance of the weak jobs data. A surge in initial jobless claims in the U.S. has bolstered hopes that the Fed will pause its rate hikes.

China’s Shanghai Composite Index gained 17.82 points or 0.6 percent to finish trading at 3,231.41. The day’s trading ranged between 3,231.41 and 3,206.10. The Shenzhen Component Index added 71.05 points or 0.7 percent to close at 10,793.93.

The Japanese benchmark Nikkei 225 Index surged 623.90 points or 2.0 percent to end trading at 32,265.17. The day’s trading range was between 31,898.75 and 32,304.04.

Konami Corp. surged 5.8 percent. Marubeni Corp., Fast Retailing Co., Sojitz Corp. and Mitsui &Co. all rallied more than 4 percent.

Mitsui Engineering & Shipbuilding was the biggest laggard with a decline of 1.8 percent. NTN Corp. also slipped 1.6 percent. Sekisui House, Okuma Corp., and Mitsubishi Heavy Industries all declined more than half a percent.

The Hang Seng Index of the Hong Kong Stock Exchange added 90.77 points or 0.5 percent from the previous close to finish trading at 19,389.95. The day’s trading range was between a high of 19,463.61 and a low of 19,231.13.

The Korean Stock Exchange’s Kospi Index added 30.31 points or 1.2 percent to close trading at 2,641.16. The day’s trading range was between 2,618.45 and 2,644.70.

Australia’s S&P/ASX200 Index closed trading at 7,122.50 after gaining 22.80 points or 0.3 percent. The day’s trading range was between 7,099.70 and 7,131.20.

Nickel Industries surged 13.3 percent. Pharma business Imugene rebounded 7.5 percent. West African Resources rallied 5.3 percent. Champion Iron gained 4.5 percent and Sandfire Resources added 3.6 percent.

Johns Lyng Group dropped 4.1 percent. Healthcare business Healius, Lake Resources and Lovisa Holdings all declined more than 3 percent. NRW Holdings shed 2.5 percent.

Meanwhile, the NZX 50 Index of the New Zealand Stock Exchange shed 25.40 points or 0.2 percent to close at 11,690.34. Trading ranged between 11,663.14 and 11,742.10.

Software business Serko topped with a gain of more than 4 percent. Precinct Properties New Zealand and Restaurant Brands New Zealand both rallied more than 2 percent. Auckland International Airport and ANZ Group Holdings also added close to 2 percent.

EROAD, Mercury NZ, Synlait Milk and Skellerup Holdings all declined more than 2 percent. Healthcare business Pacific Edge also shed close to 2 percent.

Wall Street closed on a positive note on Thursday amidst a sharp fall in bond yields that followed the latest job market update. The Nasdaq Composite added 1.0 percent to close at 13,238.52, whereas the Dow Jones Industrial Average rose 0.5 percent to finish trading at 33,833.61.

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