SINGAPORE – Shares in Asia-Pacific rose in Friday trade, with markets seeing a rollercoaster week as investors assess inflation and the global economic outlook.
The: Nikkei 225: in Japan closed 2.64% higher at 26,427.65, with shares of Japanese conglomerate: SoftBank Group: jumping more than 12% despite reporting Thursday a: record loss at its Vision Fund investment unit:. The Topix index climbed 1.91% to 1,864.20.
In Hong Kong, the: Hang Seng index: jumped 2.33% as of its final hour of trading. Mainland Chinese stocks closed higher, with the: Shanghai Composite: up 0.96% to 3,084.28 while the: Shenzhen Component: gained 0.585% to 11,159.79.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.73%.
Concerns over inflation and the economic outlook have weighed on global investor sentiment in recent days, with riskier assets such as tech stocks and cryptocurrencies: taking a hit.
JPMorgan Private Bank’s Alex Wolf told CNBC’s “Squawk Box Asia” on Friday that the firm is “fairly cautious” on Asia stocks at the moment.
“There’s really nowhere to hide,” said Wolf, head of investment strategy for Asia at the firm. He cited concerns such as broad growth risks creating “near-term uncertainties” for Asia, particularly the region’s emerging markets.
Overnight on Wall Street, the S&P 500 declined 0.13% to 3,930.08 – more than 18% lower than its all-time high. The Dow Jones Industrial Average shed 103.81 points, or 0.33%, to 31,730.30. The tech-heavy Nasdaq Composite advanced fractionally to 11,370.96.
The: US dollar index:which tracks the greenback against a basket of its peers, was at 104.592 after a recent climb from below 104.3.
The: Japanese Yen: traded at 128.56 per dollar, stronger as compared with levels above 130 seen against the greenback earlier this week. The: Australian dollar: was at $ 0.688 as continues to struggle for a bounce after slipping from above $ 0.70 earlier in the week.
Oil prices were higher in the afternoon of Asia trading hours, with international benchmark: Brent crude futures: up 0.84% to $ 108.35 per barrel. US crude futures: climbed 0.55% to $ 106.71 per barrel.