Asian shares edged higher on Friday, following gains on Wall Street after two Federal Reserve officials gave encouraging remarks that the US economy may avoid a recession and amid reports that China may increase construction spending in a new attempt to stimulate its economy.
On the board, Japan’s Nikkei 225 rose 0.1% to 26,517.19 points. The index pared gains after a gunman attacked the country’s former prime minister Shinzo Abe during a speech. According to Japanese media, the 67-year-old politician has no vital signs.
In Hong Kong the Hang Seng edged up 0.1%, while in mainland China the Shanghai Composite edged up 0.04% on reports that Beijing may add another 1.5 trillion. yuan in spending on infrastructure projects this year to boost economic growth.
South Korea’s Kospi gains 1%, while Australia’s S&P/ASX 200 gains 0.45%. Indexes in New Zealand, Singapore, Taiwan and Indonesia are also gaining ground.
Wall Street indices rose on Thursday in the wake of statements by the president of the Federal Reserve Bank of St. Louis, James Bullard, that the central bank’s main scenario remains a soft landing of the economy and not a recession. Another member of the Fed’s Monetary Policy Committee, Christopher Waller, assessed for his part that “worries about a recession are overblown.”
Source: Capital
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