Asia markets climb

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FE Team | Published: August 30, 2024 22:43:59

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Asia-Pacific markets climbed Friday after economic data from the US calmed recessionary fears, while investors also assessed a slew of data from Japan, reports CNBC.
Initial jobless claims in the US fell to 231,000 from the prior week's 232,000, but were slightly higher than the 230,000 expected by Dow Jones.
In addition, the second-quarter gross domestic product growth was revised higher to 3 per cent from the initial 2.8 per cent rate.
Inflation rate in Japan's capital city of Tokyo rose to 2.6 per cent in August from July's 2.2 per cent, hitting its highest since March.
The core inflation rate -- which strips out prices of fresh food -- rose 2.4 per cent, higher than the 2.2 per cent expected from a Reuters poll of economists. Tokyo's inflation is widely considered to be a leading indicator of nationwide trends.
Stronger inflation numbers offer the Bank of Japan more room to tighten its monetary policy.
Unemployment in Japan rose to 2.7 per cent in July, more than the Reuters estimate of 2.5 per cent.
July retail sales in the country rose 2.6 per cent year on year, lower than the 2.9 per cent growth expected by Reuters and the revised 3.8 per cent increase seen in June.
Japan's Nikkei 225 rose 0.74 per cent to close at 38,647.75, its highest level since July 31, and the Topix also climbed 0.73 per cent to 2,712.63 after the data release.
Hong Kong Hang Seng index gained 1.44 per cent as of its final hour, leading markets in Asia, while mainland China's CSI 300 rose 1.33 per cent, rebounding off a near seven-month low and closing at 3,321.43.
South Korea's Kospi gained 0.45 per cent to 2,674.31, while the small-cap Kosdaq advanced 1.54 per cent to 767.66 and snapped a seven-day losing streak. South Korea's retail sales dipped 1.9 per cent month on month compared to June. On a year-on-year basis, retail sales fell 2.1 per cent.
Australia's S&P/ASX 200 rose 0.58 per cent to 8,091.9, coming within 30 points of its all-time closing high of 8,114.7.