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Analytics
Asian stocks rose on Friday, finishing the month with solid gains, with Chinese shares lagging their regional peers in June amid persisting doubts over an economic recovery. Japan’s Nikkei 225 rose 0.64% after a mixed consumer price index inflation reading from Tokyo, where headline CPI increased, while underlying inflation remained close to 1.5-year lows. The Nikkei added 3.2% in June. China’s Shanghai Composite index rose 0.73% on Friday, but lost around 3% in June.
After a retreat on Wall Street, Asian shares were mostly lower Friday. Japan’s benchmark Nikkei 225 gave up 0.07% after the data showed that the inflation rose to 2.5% in May, up from 2.2% in April, suggesting the Bank of Japan could raise rates at a meeting next month. Australia’s S&P/ASX 200 rose 0.34%, South Korea’s Kospi lost 0.83%. Hong Kong’s Hang Seng dropped 1.59%, while the Shanghai Composite slipped 0.24%.
Asian equities were mixed-to-lower on Friday as investor optimism has abated after Federal Reserve officials suggested that interest rates may need to stay higher for longer even as inflation shows signs of easing. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.14% after rallying to a two-year high a day earlier. In China, the Shanghai Composite added 1% despite mixed economic data. While industrial production grew more than expected in April, retail sales missed expectations. Japan's Nikkei 225 fell 0.40%.
Following an upbeat session on Wall Street, shares in Asia rose ahead of the weekend after US jobs data supported the case for US rate cuts. The number of U.S. workers applying for unemployment benefits came in at 231,000 last week, up 22,000 from the week before. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.66% and was on course for a nearly 1% gain for the week. Japan's Nikkei 225 was 0.49% higher, Australia’s S&P/ASX 200 added 0.35%, and South Korea’s Kospi gained 0.57%.
Asian equities were mostly lower on Friday, with MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.67% to trim its gains for the week to less than 0.2%. Japan was the only real bright spot in the region today, with the Nikkei 225 up 0.23%. Hong Kong’s Hang Seng index declined 1.9% and the Shanghai Composite index edged 0.1% lower. South Korea’s Kospi shed 0.9% after the Bank of Korea held its benchmark rate unchanged at 3.50%.