Asian stocks snap 4-day loss streak after US data
HONG KONG — Asian stocks were mostly higher Friday as a string of upbeat U.S. economic reports reinforced hopes of a recovery in the world’s largest economy and helped arrest the region’s four-day slide.
But gains across Asia were tentative as investors tread cautiously amid expectations that stocks could fall further after their steep rise since March. Oil prices were slightly higher and the dollar fell.
Buoying sentiment were U.S. government data showing the number of people drawing unemployment benefits dropped last week for the first time since early January, snapping a series of 21 straight increases.
Separately, the Philadelphia Reserve Bank said its regional measure of manufacturing activity picked up, and a private research group said its forecast of economic activity rose more than expected in May.
Still, market watchers were reluctant to read too much into the day’s upswing, saying trading volumes were light in many markets and a technical bounce wasn’t unexpected after a series of losses. Wall Street’s moderately higher finish also helped.
With a year-end resumption of growth already baked into stock prices, there may be little impetus to move higher for now, said Lorraine Tan, director of equities research at Standard & Poor’s in Singapore.
“We’re a little more cautious right now,” Tan said. “People are starting to take some money off the table.”
Japan’s Nikkei 225 stock average added 21.56, or 0.2 percent, to 9,726.76, and Hong Kong’s Hang Seng climbed 104.13, or 0.6 percent, to 17,880.79. South Korea’s Kospi inched up 0.3 percent to 1,380.02.
Shanghai’s index rose 0.9 percent, Australia’s benchmark was up 0.7 percent and India’s Sensex advanced 0.5 percent to 14,332.45.
In New York Thursday, Wall Street rose though closed off its highs.
The Dow Jones industrials rose 58.42, or 0.7 percent, to 8,555.60, its biggest one-day gain in two weeks. The Dow had been up 98 points. The S&P 500 index rose 7.66, or 0.8 percent, to 918.37.
U.S. futures suggested a slightly higher open Friday. Dow futures rose 25, or 0.3 percent, to 8,575 and S&P futures gained 1.7, or 0.2 percent, to 914.90.
Oil prices were marginally higher in Asia, with benchmark crude for July delivery up 25 cents at $71.62. The contract rose 34 cents overnight.
The dollar traded at 96.58 yen compared to 96.65 yen, while the euro rose to $1.3941 from $1.3906.
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