Thu, 02 Dec 2021

More than 300 points gain in Nikkei lift Asian stocks

Lola Evans
12 Nov 2021, 16:41 GMT+10

SYDNEY, NSW, Australia - Stocks in Asia were higher on Friday despite the headline inflation number in the United States overnight.

"Inflation is obviously a risk to watch. But stock prices will face a major crash only if the Federal Reserve turns out to be completely wrong in its assessment and is forced to raise interest rates rapidly. That's not where we are now," said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities told Reuters Friday.

Leading the way on Friday was the Nikkei 225 in Tokyo which made a solid 332.11 points or 1.13 percent gain, to close Friday at 29,609.97.

The Australian All Ordinaries tacked on 64.60 points or 0.84 percent to 7,765.80.

The Hang Seng in Hong Kong gained 79.98 points or 0.32 percent to 29,609.97.

China's Shanghai Composite added 6.31 points or 0.18 percent to close Friday at 3,539.10.

On foreign exchange markets, the U.S. dollar held on to its overnight gains. The euro remained weak at 1.1443. The British pound was unwanted at 1.3367. The Japanese yen traded unchanged at 114.17. The Swiss franc was soft at 0.9222.

The Canadian dollar weakened further to 1.2583. The Australian and New Zealand dollars edged down to 0.7293 and 0.7009 respectively.

Overnight on Wall Street, the Nasdaq Composite did best, rising 81.58 points or 0.52 percent to 15,704.28.

The Standard and Poor's 500 added 2.56 points or 0.06 percent to 4,649.27.

The Dow Jones index retreated 158.71 points or 0.44 percent to 35,921.23.

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