Asian stocks were in higher territory on Friday after strong Wall Street gains on Thursday, with investors taking up battle positions ahead of the Federal Reserve chairman’s speech at the annual Jackson Hole economic symposium that is expected to shed more light on bank plans.
Ahead of the meeting, several Fed officials indicated in their statements to the media that the central bank will continue to raise interest rates in order to bring inflation back to its 2% target.
Investors, for their part, are concerned that the Fed’s aggressive rate hikes combined with monetary policy tightening in Europe and Asia could derail global growth.
On the board, Japan’s Nikkei 225 gained 0.6% to 28,641.38 points.
In Hong Kong, the Hang Seng index rose 0.5%, while China’s Shanghai Composite lost 0.2%.
In South Korea the Kospi is moving with small gains of 0.1%, while in Australia the S&P-ASX 200 gains 0.8%. Indexes in New Zealand and Southeast Asia are also gaining ground.
On Wall Street, the S&P 500 rose 1.4% on Thursday, marking its biggest daily gain in two weeks. The Dow Jones gained 1%, while the Nasdaq climbed 1.7%.
The gains followed revised second-quarter GDP data that showed the economy shrank by 0.6% in the second quarter instead of a previously reported 0.9%.
Source: Capital
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