Currencies, Oil, Wall Street, Stock Debut

SINGAPORE — Shares in the Asia-Pacific region were higher Friday as investors weighed fears of a recession.

Hong Kong’s Hang Seng Index rose 1.47%, while the Hang Seng Tech Index rose about 3%. SenseTime was up 6.57% and Xpeng was up 9.21%.

Logistics company GoGoX rose to 23.15 Hong Kong dollars ($2.95) during its stock exchange debut in the city, and last traded at 22.40 Hong Kong dollars, up from the offer price of 21.50 Hong Kong Kong dollars.

In the Japanese markets, the Nikkei 225 rose nearly 1%, while the Topix rose 0.56%.

Mainland Chinese markets rose. The Shanghai Composite gained 0.44% and the Shenzhen Component was up 0.92%.

South Korea’s Kospi won 1.85% and the Kosdaq won 4.43%.

Australia’s S&P/ASX 200 rose 0.26%. The New Zealand Market is closed on Friday for a public holiday.

MSCI’s broadest index of stocks in Asia Pacific rose 0.92%.

Over the next three to six months, we’re going to find out what it is — whether we’re going to get around the recession or go much deeper than that.

Viktor Shvets

head of global and Asian strategy at Macquarie Capital

Markets will find more stability as leading indicators and inflation data begin to bottom out, said Viktor Shvets, head of global and Asian strategy at Macquarie Capital.

“Right now, the markets are much more afraid of recession than inflation,” he told CNBC’s Street Signs Asia.

“I think in the next three to six months we’ll find out what it is — whether we’re going to get around a recession, or go much deeper than that,” he added.

According to Reuters, core consumer prices in Japan rose 2.1% in May from a year earlier. That is above the Bank of Japan’s target of 2% inflation. However, consumer prices rose only 0.8% as fresh food and energy were taken away, Reuters said.

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Looking ahead, Reserve Bank of Australia governor Philip Lowe will also speak on inflation later in the day.

Overnight US stocks rose in a late-day rally amid fears of a recession. Several major banks raised their expectations of a recession this week.

The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 was up 0.95% to 3,795.73 and the Nasdaq Composite gained 1.62% to 11,232.19.

Currencies and Oil

The US dollar index, which tracks the greenback against a basket of its peers, stood at 104,293.

The Japanese yen strengthened to 134.67 per dollar and recovered from the 136 levels earlier this week against the dollar. The Australian dollar was at $0.6903 after being largely in a weakening trend this week.

Oil futures hadn’t changed much after previously rising in Asian trade. US crude oil futures rose 0.1% to $104.37 a barrel, while the international benchmark Brent crude fell 0.12% to $109.92 a barrel.

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