Investing.com - Asian stock markets rose sharply on Friday, as upbeat economic data from China and the U.S. eased concerns over a global economic slowdown, while markets eyed the release of a key U.S. employment report later in the day.
During late Asian trade, Hong Kong's Hang Seng Index rallied 1.25%, Australia’s ASX/200 Index added 0.05%, Japan’s Nikkei 225 Index jumped 1.17%.
On Thursday, the Department of Labor said the number of individuals filing for initial jobless benefits fell to 363,000 last week from 372,000 the previous week, compared to expectations for a decline to 370,000.
The data came on the heels of a report showing that U.S. private sector employment increased more-than-expected in October.
Payroll processing firm ADP said the U.S. private sector added 158,000 jobs this month, surpassing expectations for an increase of 135,000.
Separately, the Institute of Supply Management said that its index of manufacturing activity in the U.S. declined unexpectedly in October, ticking down to 51.00 from a reading of 51.30 the previous month.
In China, official data showed that the manufacturing purchasing managers’ index came in at 50.2 in October, up from 49.8 in September, just slightly below forecasts for a reading of 50.3.
In Tokyo, the Nikkei was sharply higher, boosted by global market optimism.
Sumitomo Heavy Industries surged 6.62% after it posted a strong first-half operating profit, which represents 54% of its full-year outlook.
Network systems services provider Systena rallied 7.21%, after the company said on Thursday it will expand its plan to buy back shares.
On the downside, Nikon tumbled 6.09% after cutting its operating profit outlook to JPY72 billion from the previously forecast JPY85 billion for the year ending March.
Meanwhile, shares in Hong Kong were also on the upside, supported by the global relief rally.
Financial stocks were higher, as China Minsheng Bank surged 2.08%, while Industrial and Commercial Bank of China, the country's largest lender, advanced 1.53%.
Auto parts maker Zhejiang Shibao declined 2.52% on the other hand, as trading was suspended twice after triggering turnover circuit breakers and hitting a price cap.
Elsewhere, Australian shares edged slightly higher, after data showed that Australia's producer prices rose far less-than-expected last quarter.
Mining giants Rio Tinto and BHP Billiton were sharply higher, with shares climbing 2.01% and 1.77% respectively.
Meanwhile, Tiger Resources rallied 1.54% after the Democratic Republic of Congo's mines minister told Reuters proposed moves by the government to increase its stake in mines in the country would not apply to existing contracts.
Looking ahead, European stock futures pointed to lower open.
The EURO STOXX 50 futures pointed to a 0.24% fall, France’s CAC 40 futures retreated 0.29%, London’s FTSE 100 futures declined 0.22%, while Germany's DAX futures pointed to a 0.15% loss.
Later in the day, Spain and Italy were to release data on manufacturing activity.
The U.S. was to produce a government report on nonfarm payrolls, as well as data on the unemployment rate, followed by official data on average earnings and factory orders.
During late Asian trade, Hong Kong's Hang Seng Index rallied 1.25%, Australia’s ASX/200 Index added 0.05%, Japan’s Nikkei 225 Index jumped 1.17%.
On Thursday, the Department of Labor said the number of individuals filing for initial jobless benefits fell to 363,000 last week from 372,000 the previous week, compared to expectations for a decline to 370,000.
The data came on the heels of a report showing that U.S. private sector employment increased more-than-expected in October.
Payroll processing firm ADP said the U.S. private sector added 158,000 jobs this month, surpassing expectations for an increase of 135,000.
Separately, the Institute of Supply Management said that its index of manufacturing activity in the U.S. declined unexpectedly in October, ticking down to 51.00 from a reading of 51.30 the previous month.
In China, official data showed that the manufacturing purchasing managers’ index came in at 50.2 in October, up from 49.8 in September, just slightly below forecasts for a reading of 50.3.
In Tokyo, the Nikkei was sharply higher, boosted by global market optimism.
Sumitomo Heavy Industries surged 6.62% after it posted a strong first-half operating profit, which represents 54% of its full-year outlook.
Network systems services provider Systena rallied 7.21%, after the company said on Thursday it will expand its plan to buy back shares.
On the downside, Nikon tumbled 6.09% after cutting its operating profit outlook to JPY72 billion from the previously forecast JPY85 billion for the year ending March.
Meanwhile, shares in Hong Kong were also on the upside, supported by the global relief rally.
Financial stocks were higher, as China Minsheng Bank surged 2.08%, while Industrial and Commercial Bank of China, the country's largest lender, advanced 1.53%.
Auto parts maker Zhejiang Shibao declined 2.52% on the other hand, as trading was suspended twice after triggering turnover circuit breakers and hitting a price cap.
Elsewhere, Australian shares edged slightly higher, after data showed that Australia's producer prices rose far less-than-expected last quarter.
Mining giants Rio Tinto and BHP Billiton were sharply higher, with shares climbing 2.01% and 1.77% respectively.
Meanwhile, Tiger Resources rallied 1.54% after the Democratic Republic of Congo's mines minister told Reuters proposed moves by the government to increase its stake in mines in the country would not apply to existing contracts.
Looking ahead, European stock futures pointed to lower open.
The EURO STOXX 50 futures pointed to a 0.24% fall, France’s CAC 40 futures retreated 0.29%, London’s FTSE 100 futures declined 0.22%, while Germany's DAX futures pointed to a 0.15% loss.
Later in the day, Spain and Italy were to release data on manufacturing activity.
The U.S. was to produce a government report on nonfarm payrolls, as well as data on the unemployment rate, followed by official data on average earnings and factory orders.