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Asia-Pacific markets rise

Japan's Nikkei jumps more than 2pc

May 14, 2022 00:00:00

SINGAPORE, May 13 (CNBC): Shares in Asia-Pacific rose on Friday, with markets seeing a rollercoaster week as investors assess the inflation and the global economic outlook.

The Nikkei 225 in Japan closed 2.64 per cent higher at 26,427.65, with shares of Japanese conglomerate SoftBank Group jumping more than 12 per cent despite reporting Thursday a record loss at its Vision Fund investment unit. The Topix index climbed 1.91 per cent to 1,864.20.

In Hong Kong, the Hang Seng index jumped 2.68 per cent to finish the trading day at 19,898.77. Mainland Chinese stocks closed higher, with the Shanghai Composite up 0.96 per cent to 3,084.28 while the Shenzhen Component gained 0.585 per cent to 11,159.79.

South Korea's Kospi advanced 2.12 per cent on the day to 2,604.24 while the S&P/ASX 200 in Australia gained 1.93 per cent to 7,075.10.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.95 per cent.

Concerns over inflation and the economic outlook have weighed on global investor sentiment in recent days, with riskier assets such as tech stocks and cryptocurrencies taking a hit.

JPMorgan Private Bank's Alex Wolf told CNBC's "Squawk Box Asia" on Friday that the firm is "fairly cautious" on Asia stocks at the moment.

"There's really nowhere to hide," said Wolf, head of investment strategy for Asia at the firm. He cited concerns such as broad growth risks creating "near-term uncertainties" for Asia, particularly the region's emerging markets.

US Federal Reserve chairman Jerome Powell said Thursday that getting inflation under control won't be easy and warned he could not promise a so-called soft landing for the economy.

Overnight on Wall Street, the S&P 500 declined 0.13 per cent to 3,930.08 - more than 18 per cent lower than its all-time high. The Dow Jones Industrial Average shed 103.81 points, or 0.33 per cent, to 31,730.30. The tech-heavy Nasdaq Composite advanced fractionally to 11,370.96.

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