Asian markets trade mixed after Wall Street climbs closer to its record high
HONG KONG -- Asian stocks were mixed Friday after stocks in the United States pulled closer to their records following a couple of economic reports that came in close to expectations.U.S.futures were little changed and oil prices rose.Japan’s benchmark Nikkei 225 slipped 0.9% in morning trading to 36,491.80 after a 3.4% increase Thursday.The Japanese yen strengthened against the greenback, with the USD/JPY falling to 141.05 from 141.79 in Friday’s early trading, adding pressure on the nation’s export trade.
“The Bank of Japan is not expected to make any rate move at its meeting next week, but there may be some hawkish pricing brewing for policymakers to lay the groundwork for further rate hikes in December and beyond,” said IG market analyst Yeap Jun Rong.Industrial production figures of Japan that reflect the manufacturing demand were set for release later Friday, which could further affect the cost of yen.Hong Kong’s Hang Seng added 1.1% to 17,422.75, while the Shanghai Composite edged down 0.1% to 2,714.77.China is set to release its monthly economic data on Saturday, with market predictions that the three key indicators — industrial production, fixed asset investment, and retail sales — will show a slowdown.Elsewhere, Australia’s S&P/ASX 200 rose 0.3% to 8,096.00.South Korea’s Kospi shed 0.1% to 2,568.41.
On Thursday, the S&P 500 rose 0.7% to 5,595.76, climbing back to within 1.3% of its record set in July following a shaky summer.It's on track for a fourth winning week in the past five.The Dow Jones Industrial Average added 0.6% to 41,096.77, and the Nasdaq composite gained 1% to 17,569.68.Nvidia was the strongest force lifting the S&P 500, rising another 1.9% to bring its gain for the week to nearly 16%.
The chip company’s stock has stabilized recently after falling more than 20% during the summer on worries investors had taken it too high in their frenzy around artificial intelligence.One report said the number of U.S.
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