Asian shares mostly rise on US rally; eyes on jobs data
TOKYO (AP) — Asian shares mostly rose Friday on optimism about the rally on Wall Street and an economic rebound in the U.S., as investors awaited the release of jobs data.
Japan's benchmark Nikkei 225 recouped early losses to edge up less than 0.1% to 29,357.04. Australia's S&P/ASX 200 added 0.2% to 7,075.70, while South Korea's Kospi gained 0.7% to 3,202.31. Hong Kong's Hang Seng gyrated much of the day and was little changed at 28,648.74, up less than 0.1%, while the Shanghai Composite edged 0.5% lower, to 3,425.43.
China reported its trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing. Trade data released Friday show global exports rose 32.3% over a year ago to $263.9 billion, in line with March but down from the explosive 60.6% rise in the first two months of 2021.
China’s trade gains look especially dramatic due to comparison with a year ago, when global economies shut down to fight the coronavirus. The positive indicators are coming amid worries about renewed tensions between the U.S. and China over trade.
Export-dependent Japan is preparing to extend its state of emergency to curb the spread of COVID-19 infections, which kicked in last month in some urban areas, with people asked to stay home and restaurants to close early.
“Today’s session was tentative ahead of US non-farm payrolls. The most important question will be if the US job market and wage growth are recovering faster than anticipated, supporting the reflation trade theme with increasing inflation expectations that are pulling commodity prices higher,” said Anderson Alves, trader with ActivTrades.
Job growth has been one of the keys to a sustained economic rebound, but it has lagged other areas of...