Shares were higher in Asia on Friday, tracking gains on Wall Street, where markets are headed for its first weekly gain after three weeks of punishing losses.
BANGKOK — Shares were higher in Asia on Friday, tracking gains on Wall Street, where the market is headed for its first weekly gain after three weeks of punishing losses.
Tokyo’s Nikkei 225 index NIK added 1.3% to 26,513.27 and the Kospi 180721 in Seoul jumped 2.3% to 2,368.03. Hong Kong’s Hang Seng HSI advanced 1.7% to 21,644.06 and the Shanghai Composite index SHCOMP added 0.6% to 3,343.28.Market players are looking ahead to U.S. inflation data due next week. They appeared to shrug off preliminary data showing a moderation in activity in several countries including Japan.
On Wall Street, trading was wobbly as investors focused on another round of testimony before Congress by Federal Reserve Chair Jerome Powell. He told a House committee the Fed hopes to rein in the worst inflation in four decades without knocking the economy into a recession, but acknowledged “that path has gotten more and more challenging.”
Powell spoke to Congress a week after the Fed raised its benchmark interest rate by three quarters of a percentage point, its biggest hike in nearly three decades. Fed policymakers also forecast a more accelerated pace of rate hikes this year and next than they had predicted three months ago, with its key rate to reach 3.8% by the end of 2023. That would be its highest level in 15 years.
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