SINGAPORE – Shares of Asia-Pacific rose on Friday morning, continuing a rollercoaster week as investors assess inflation and the global economic outlook.
The Nikkei 225 traded up 2.34% in Japan, with shares of the Japanese company Softbank Group jumping more than 9% despite reports of record losses in its Vision Fund Investment Unit on Thursday. Topics index rose 1.61%.
In Hong Kong, the Hang Seng Index jumped 1.49%. Mainland Chinese stocks also rose, with the Shanghai Composite up 0.43% and the Shenzhen Component up 0.553%.
South Korea’s Kospi is up 1.59% while Australia’s S&P / ASX 200 is up 1.44%.
Outside of Japan, the broader MSCI index of Asia-Pacific shares traded up 1.1%.
Concerns about inflation and the economic outlook have weighed heavily on global investor sentiment in recent days, hitting risky assets such as technology stocks and cryptocurrencies.
Alex Wolf of JPMorgan Private Bank told CNBC’s “Squawk Box Asia” on Friday that the company was “fairly cautious” about Asian stocks at the moment.
“There’s really no hiding place,” said Wolf, the firm’s head of investment strategy for Asia. He cited concerns such as the growing risk of creating “near-term uncertainty” for emerging markets in Asia, especially in the region.
US Federal Reserve Chairman Jerome Powell said on Thursday that controlling inflation would not be easy and warned that he could not promise a so-called softening of the economy.
Overnight on the Wall Street, the S&P 500 fell 0.13% to 3,930.08 – 18% lower than its all-time high. The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.30. Tech-heavy Nasdaq composite fractions advanced to 11,370.96.
Coins and oil
The US dollar index, which tracks the greenback against a basket of its peers, was at 104.765 after a recent climb from below 104.3.
The Japanese yen traded at 129.21 per dollar, stronger than the level above 130 against the greenback earlier this week. The Australian dollar was at 68 0.6883 as the struggle for a bounce continued after falling above 70 0.70 earlier in the week.
Oil prices were higher on the morning of the Asian trading hour, with international benchmark Brent crude futures rising 1.52% to 9 109.08 a barrel. US crude futures rose 1.36% to 7 107.57 a barrel.