Stocks rise after Wall Street rallies, Singapore GDP

An employee works at the Tokyo Stock Exchange in Tokyo, Japan on January 13, 2022.

Toru Hanoi | Bloomberg | Good pictures

Asia-Pacific shares rose on Friday, taking the lead from Wall Street overnight as investors shrugged off a strong inflation report.

The Nikki 225 Japan gained 3.25% to 27,090.76, while the Topix added 2.35% to 1,898.19. Japan’s yen fell to its lowest level overnight against the US dollar since 1990. Still trading at 147-levels.

The Hang Seng Index Hong Kong was 1.93% higher in the final hour of trading after rising 3.9% in the previous session, and the Hong Kong Seng Tech index rose 2.16%. In mainland China, the Shanghai Mix 3,071.99, up 1.84% Shenzhen component 11,121.72, up 2.81%.

In Australia, the S&P/ASX 200 6,758.80, up 1.75%. of South Korea Cosby It advanced 2.3% to 2,212.55, while Costco rose 4.09% to 678.24. MSCI’s broadest index of Asia-Pacific shares outside Japan was 2.15% higher.

Singapore’s GDP grew 4.4% in the third quarter and is expected to further tighten its monetary policy.

In the US, inflation data showed Consumer prices rose more than expected in September CPI rose 0.4% from August and 8.2% from September last year. Core inflation rose even faster in September.

Stocks had a volatile session, but Eventually it rose again and closed, each major index gains more than 2%. The Dow Jones industrial average rose 1,500 points from its low on Thursday in the US.

“Stock investors concluded that seemingly strong US inflation [report] Expectations of a sharp decline in prices to come are not denied today,” Rodrigo Cattrill, currency strategist at National Australia Bank, wrote in a note on Friday. He added that the rally may have been due to short-covering.

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— CNBC’s Jeff Cox, Carmen Reinicke and Alex Haring contributed to this report.

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