Asian stock markets saw a rise on Friday, buoyed by a strong performance on Wall Street and a decrease in oil prices. Japan’s Nikkei 225 index climbed 0.8% in early trading, while South Korea’s Kospi surged 2.1%. In Hong Kong, the Hang Seng index increased by 0.8%, and the Shanghai Composite gained nearly 0.8%. Australia’s S&P/ASX 200 edged up by 0.1%.
These gains followed a positive session in the United States where major indices closed higher. The S&P 500 advanced by 1.1%, the Dow Jones Industrial Average went up by 0.6%, and the Nasdaq Composite jumped by 1.7%. This rally was partly attributed to easing oil prices, with Brent crude falling 0.68% to $104.11 per barrel and U.S. crude decreasing 0.54% to $101.36 per barrel.
The market movements also reflected ongoing reactions to the Federal Reserve’s recent decision to raise its benchmark interest rate by 0.25 percentage points. The Fed signaled the possibility of another rate hike later this year, aiming to steer inflation towards its 2% target.
Additionally, the yield on the 10-year U.S. Treasury note fell to 4.93% from a previous 5.01%, providing some relief to equities. In currency trading, the U.S. dollar strengthened slightly against the Japanese yen, reaching 156.15 yen, while the euro held steady at $1.1480.