Asia Pacific stocks edge higher; Alibaba’s quarterly revenue jumps on-year
Asia Pacific stocks edged higher in Friday morning trade following the release of mixed U.S. economic data overnight.
In Japan, both the Nikkei 225 and Topix indexes rose 0.93% each in early trade. South Korea’s Kospi jumped 1.28%.
Meanwhile, Australia’s S&P/ASX 200 advanced 0.34%.
Overall, the MSCI Asia ex-Japan index traded 0.35% higher.
The U.S. Labor Department said Thursday that initial weekly jobless claims stateside came in above 1 million. That was higher than a Dow Jones estimate of 923,000. Still, continuing claims — those receiving unemployment benefits for at least two straight weeks — continued to decline.
Meanwhile, shares of Alibaba listed in Hong Kong will be watched by investors after the Chinese tech behemoth announced a 34% on-year increase in revenue in the quarter ended June 30.
Reference: CNBC