Asian shares gained on Friday, except in China, following Wall Street’s rebound as investors assessed economic data from China and Japan and comments from Federal Reserve Chair Jerome Powell. China’s retail sales in October exceeded expectations, rising 4.8% year-on-year, higher than the forecasted 3.8%. However, industrial production and investment data missed estimates, with growth at 5.3% against the expected 5.6%.
The urban unemployment rate decreased to 5%, down from 5.1% in September. The CSI 300 index in mainland China fell 1.75%, closing at 3,968.83, while Hong Kong’s market rose 0.04% in its last hour of trade. Japan’s third-quarter GDP expanded by 0.3% year-on-year, ending a period of consecutive declines.
Quarter-on-quarter, the GDP increased by 0.2%, aligning with Reuters poll estimates. The Nikkei 225 rose 0.28% to close at 38,642.91, and the Topix climbed 0.39% to 2,711.64. The yen marginally strengthened against the U.S. dollar to 156.19.
Asian shares gain amid mixed data
In South Korea, the KOSPI ended marginally lower at 2,416.86 despite a 7.21% surge in Samsung Electronics shares after the company reached an initial wage deal with its main workers’ union. The small-cap Kosdaq index rose 0.57%, closing at 685.42.
Australia’s S&P/ASX 200 increased by 0.74%, finishing at 8,285.2.
Overnight in the United States, all three major indexes declined, with the Dow Jones Industrial Average dropping 0.47%, the S&P 500 falling 0.6%, and the Nasdaq Composite pulling back 0.64%. In corporate news, Hyundai Motor appointed Jose Munoz as its next president and CEO, effective January 1, marking the first time a non-Korean will lead the company. Indonesia’s October trade data showed exports surging 10.25% year-on-year, while imports climbed 17.49%.
The trade surplus decreased to $2.48 billion from $3.26 billion previously. Citibank highlighted a South Korean company as a key beneficiary of Nvidia’s new AI chips, forecasting a potential 40% rise in the company’s stock over the next year. Investors remain cautiously optimistic, closely monitoring economic indicators and central bank communications.
The mixed data from China and Japan, alongside Powell’s comments, reflect a landscape of economic recovery interspersed with challenges.
