Asian Stock Markets Record Strong Growth

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By Investors Hub

Asian stocks rose broadly on Friday to extend a recovery as investors veered around to the view that the U.S.-China trade dispute will be less harmful to global growth than first feared.

Chinese stocks posted strong gains as investors continued to bet that Beijing will increase economic stimulus to boost the economy in the face of the trade war.

The benchmark Shanghai Composite Index soared 68.24 points or 2.5 percent to 2,797.48, while Hong Kong’s Hang Seng Index surged up 475.91 points or 1.7 percent to 27,953.58.

Japanese shares rose for the sixth straight day, with a weaker yen and upbeat manufacturing data helping underpin investor sentiment.

The manufacturing sector in Japan continued to expand in September, and at an accelerated pace, the latest survey from Nikkei revealed with a manufacturing PMI score of 52.9, up from 52.5 in August.

Another report showed that overall consumer prices in Japan rose an annual 1.3 percent in August, exceeding expectations for 1.1 percent and up from 0.9 percent in July.

The Nikkei 225 Index climbed 195.00 points or 0.8 percent to 23,869.93, a fresh eight-month high, as investors turned their focus to the second round of trade talks between Japan and the U.S. scheduled for September 24th. The broader Topix Index closed 0.9 percent higher at 1,804.02.

Banks and insurers were among the top gainers after the yield on 10-year U.S. Treasury note rose above 3 percent. Mitsubishi UFJ Financial rose 1.1 percent, T&D Holdings climbed 3.3 percent and Dai-ichi Life Holdings jumped 3.5 percent.

Shipping as well as other commodity-related stocks also attracted buying amid easing concerns over the impact from the U.S.-China trade war.

Australian markets advanced, led by banks and miners. The benchmark S&P/ASX 200 Index rose 25.10 points or 0.4 percent to 6,194.60, while the broader All Ordinaries Index ended up 28.50 points or 0.5 percent at 6,305.40.

Miners BHP Billion, Fortescue Metals Group and Rio Tinto climbed 2-4 percent after copper prices jumped more than 1 percent on the London Metal Exchange.

Banks ANZ, Commonwealth and Westpac eked out marginal gains, mirroring gains among their U.S. peers overnight. Retailer Woolworths Group gained 0.9 percent and energy major Woodside Petroleum added half a percent.

Propertylink Group soared 9.5 percent after the Australian arm of real estate developer ESR Group offered to acquire the company for A$693.2 million.

In economic news, S&P Global Ratings raised Australia?s sovereign rating outlook and said it expects the federal budget balance will return to a surplus by the early 2020s. The credit rating was affirmed at ‘AAA’ and the outlook was upwardly revised to ‘stable’ from ‘negative’.

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