Asian stocks jump to early gains after Dows rebound

Asian stocks advanced in morning trading Friday, rebounding from broad selling a day earlier, after the Dow Jones Industrial Average reversed some of its midweek pullback.

Rebounds are a broad theme across asset classes as the week comes to an end. Oil prices rose about 1.5% Thursday, helping Asian energy stocks Friday, while the yen gained momentum yesterday following its own recent pause.

The Japanese currencys strength limited the Nikkei Stock Averages
NIK, +0.72%
morning gains to 0.4%, trailing advances elsewhere in the region.

The dollar
JPYUSD, -0.213138%
was recently at 楼106.90 after nearing 楼108 midweek. But the yen did fall slightly in Asian trading as Japans core inflation rose 0.9% in January from a year earlier, slightly faster than the 0.8% expected by economists.

Though a pickup in inflation is widely anticipated globally for 2018, that is likely to remain elusive in Japan and result in the Bank of Japan probably being the last major central bank to pull back on its easy-money policies, said Brian Beitner, managing partner at Chautauqua Capital Management.

Theres no reason for the Bank of Japan to lean against an overheating economy, he added. But theres not a big incentive for them to stimulate the economy, either.

In Hong Kong, the Hang Seng Index
HSI, +1.01%
jumped 1.3% to lead the regions gains after sliding nearly that much yesterday.

South Koreas Kospi
SEU, +1.35%
climbed 1.1% as Samsung Electronics
005930, +0.81%
after having dropped every day this week rebounded 1.8%. Taiwan
Y9999, +1.24%
and Singapore
STI, +1.40%
gained 1%, while Australias benchmark
XJO, +0.82%
gained 0.8% on strength in commodities stocks.

Oil futures turned slightly higher by late morning in Asia after a modest pullback earlier.

In other markets, bitcoin
BTCUSD, -1.72%
has fallen to $9,600 a one-week low for the most well-known cryptocurrency after nearly reaching $11,000 on Thursday, according to CoinDesk. Ether, a rival cryptocurrency that trades on the Ethereum blockchain, is at a two-week low of around $800.

Related Topics Asia Markets China Japan Australia Singapore Foreign Investment

Quote References NIK +156.34 +0.72% JPYUSD -0.000020 -0.213138% HSI +314.01 +1.01% SEU +32.52 +1.35% 005930 +19,000.00 +0.81% Y9999 +132.17 +1.24% STI +48.92 +1.40% XJO +48.90 +0.82% BTCUSD -169.78 -1.72% Show all references
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