· World shares rebound as investors weigh economy against diplomacy
Global shares bounced back on Friday, with Asian stocks recovering from a three-month low, as investors focused more on optimism about the global economic recovery than rising tensions between the West and China.
European stocks look set to open higher, with Euro Stoxx futures rising 0.8% and Britain’s FTSE futures gaining 0.61%.
MSCI’s ex-Japan Asia index rose 1.43% after hitting a near three-month low on Thursday, as the Shanghai Composite Index gained 1.53%, snapping a three-day losing streak.
On Thursday, Chinese shares fell near a three-month low hit earlier in the month. The European Union joined Washington’s allies this week in imposing sanctions on officials in China’s Xinjiang region over allegations of human rights abuses, prompting retaliatory sanctions from Beijing.
· Nikkei ends higher on SoftBank boost; records 2% weekly drop
Japanese shares closed higher on Friday, with SoftBank leading the gains on the Nikkei index, as investors scooped up beaten-down names after their sharp retreat this week.
The Nikkei share average ended 1.56% higher at 29,176.70, while the broader Topix advanced 1.46% to close at 1,984.16.
For the week, the Nikkei shed 2% and the Topix was down 1.4%.
Aiding sentiment, Wall Street closed higher overnight on renewed optimism for economic recovery after U.S. President Joe Biden pledged to double his administration's vaccination rollout plan.
Nikkei heavyweight SoftBank Group rose 1.8%, making it the biggest contributor to the index, followed by chip testing equipment maker Advantest, which jumped 4.65%.
Uniqlo brand clothing store operator Fast Retailing , up 0.88%, also lifted the Nikkei index.
Toyota Motor and Sony were the biggest contributors to the Topix, rising 2.48% and 1.96%, each.
· Chinese shares close higher Friday
Chinese stocks closed higher on Friday, with the benchmark Shanghai Composite Index up 1.63 percent, at 3,418.33 points.
The Shenzhen Component Index closed 2.6 percent higher at 13,769.68 points.
European stocks advanced on Friday, following global sentiment higher as investors focus on the outlook for growth and inflation amid advances in Covid-19 vaccine rollouts.
The pan-European Stoxx 600 gained 0.9% in early trade, with basic resources adding 2.3% to lead gains as all sectors and major bourses entered positive territory.
European markets received a positive handover from Asia-Pacific, where shares broadly rose during Friday’s trade, led by mainland China and Japan.
Reference: CNBC, Reuters
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