Japan stocks led gains in Asia on Friday to notch their best week in four years, after Wall Street rallied overnight as fresh economic data eased recessionary fears, reports CNBC.
The Nikkei 225 jumped 3.64 per cent to cross 38,000 for the first time since Aug. 1. On a weekly basis, the index was up 8.67 per cent, its highest gain since April 2020, according to FactSet data.
Japan's broader Topix, gained 2.99 per cent to close at 2,678.6, also clocking its best week since 2020 -- up 7.86 per cent.
Lifting sentiment, US retail sales increased 1 per cent in July, far surpassing Dow Jones estimate of a 0.3 per cent uptick. Weekly jobless claims also fell for the week.
"Today's solid retail sales and claims data is a reminder that the sky is not falling on the U.S. economy," Wolfe Research chief economist Stephanie Roth wrote on Thursday. "Yes, economic momentum has cooled, but we don't appear to be headed for recession imminently."
In Asia, Singapore's non-oil domestic exports in July grew 15.7 per cent year on year, having declined 8.8 per cent in June and massively beating Reuters poll expectations of a 1.2 per cent growth.
Total trade grew by 13.7 per cent in July 2024, building on the 1.2 per cent increase in June, as both exports and imports increased.
South Korea's Kospi returned from a public holiday to trade 1.99 per cent higher, ending at 2,697.23, while the small-cap Kosdaq climbed 1.22 per cent to finish at 786.33.
Australia's S&P/ASX 200 rose 1.34 per cent, closing at 7,971.1.
Hong Kong's Hang Seng index was up 1.81 per cent as of its final hour of trade, while mainland China's CSI 300 rose 0.11 per cent to close at 3,345.63, extending gains to a second straight day after hitting a six-month low.
Japan's Nikkei clocks best week in 4 yrs amid a broad rally in Asia markets
FE Team | Published: August 16, 2024 22:46:49
Japan's Nikkei clocks best week in 4 yrs amid a broad rally in Asia markets
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