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Buildings in Singapore’s central business district are seen Wednesday, Feb. 14, 2024. Singapore’s economic expansion in 2023 will be slightly slower than initially expected, as manufacturing activity shrinks and growth in the services sector slows.
Nicky Loh | Bloomberg | Getty Images
Asia-Pacific shares rose on Friday and were set to end the week higher, tracking gains on Wall Street overnight after new economic data eased U.S. recession fears.
retail Increase The unemployment rate rose by 1% in July, far exceeding the Dow Jones forecast of 0.3%. Initial jobless claims also fell that week.
“Today’s strong retail sales and jobless claims data are a reminder that the U.S. economy is not in deep trouble,” Stephanie Ross, chief economist at Wolfe Research, wrote Thursday. “Yes, momentum has weakened, but we don’t look like we’re heading into a recession anytime soon.”
Traders in Asia assessed revised trade data from South Korea and export figures from Singapore. Second-quarter GDP data from Taiwan and Hong Kong are due after the bell.
Japanese Nikkei 225 Index The Dow Jones Industrial Average rose 2.67%, leading gains in Asian stocks, while the broad-based Topix index rose 2.07%.
South Korea Kospi After a public holiday, the Kosdaq rose 1.71% and the small-cap index rose 1.3%.
The country July trade data revised Unchanged from preliminary data, exports rose 13.9% to $57.5 billion and imports increased 10.5% to $53.9 billion.
Australia S&P/ASX 200 The gain was smaller at 1.3%. On Friday, Reserve Bank of Australia Governor Michelle Bullock said that while markets were already anticipating inflationary outcomes in the United States and Australia that would lead to rate cuts, It is too early to consider a rate cut.
She noted that inflation remained “too high” and was not expected to return to the upper end of the RBA’s 2 to 3 per cent target range until the end of next year.
“Of course, circumstances may change and the outlook is uncertain. But based on the information currently available to the board, it does not foresee a rate cut in the near term.”
In addition, Singapore Non-oil domestic exports rise in July India’s economy contracted 8.8% year-on-year to 15.7% in June, a figure that was significantly higher than the 1.2% growth expected in a Reuters poll.
In July 2024, total trade volume increased by 13.7% on the basis of a 1.2% increase in June, due to an increase in both exports and imports.
Hongkong Hang Seng Index The futures index was at 17,308 points, higher than the Hang Seng Index’s last closing price of 17,109.14 points.
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