Asian shares rose on Friday after U.S. equities were buoyed by a rebound in technology stocks, while markets in Seoul were underpinned by optimism as leaders of North and South Korea held their first summit in over a decade. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 percent, but still looked set to shed 1.2 percent for the week.To get more market news, you can visit shine news official website.
South Korea’s KOSPI briefly rose more than 1 percent to a one-month high, helped by hopes that the summit could ease tensions over Pyongyang’s nuclear weapons programme and pave the way for the North and South to end their decades-long conflict.
South Korean equities later pared their gains to 0.6 percent, while the South Korean won rose 0.4 percent against the dollar in onshore trade.
“The easing of tension and the possibility of a peace treaty coming on the horizon are bullish for the won and KOSPI,” said Mingze Wu, FX trader of global payments for INTL FCStone Ltd in Singapore.
Japan’s Nikkei share average rose 0.6 percent and touched a two-month peak at one point, getting a boost as chip-related firms rallied after brisk earnings forecasts from Advantest and Kyocera.
The firmer tone of Asian equities came after each of Wall Street’s major indexes rose 1 percent or more on Thursday, boosted by solid earnings results and a rebound in technology stocks.
Amazon.com Inc shares jumped more than 6 percent in after-market trading after the online retailer reported a 43 percent surge in first-quarter revenue.
Facebook surged 9.1 percent on Thursday after posting an impressive earnings beat, which appeared to calm worries about the fallout from its use of consumer data.
The U.S. 10-year Treasury yield fell 2 basis points in Asia to 2.973 percent, down from a four-year high of 3.035 percent set earlier in the week.
The U.S. 10-year yield had edged lower on Thursday as buyers emerged in the wake of a sell-off fuelled by worries over growing U.S. debt issuance and rising costs.
The euro languished near a 3-1/2-month low, having taken a hit after the European Central Bank on Thursday struck a dovish tone as it kept interest rates unchanged.
ECB chief Mario Draghi acknowledged evidence of a “pull-back” from exceptional growth readings seen around the turn of the year, although the central bank sought to bolster expectations for a gradual withdrawal of its monetary stimulus. Weaker-than-expected economic data out of the euro zone has cast some doubt as to how quickly the ECB can head toward policy normalisation and weighed on the euro recently.
“The euro zone’s economy doesn’t seem to have the type of momentum it had last year,” said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore.