Investing.com - Following another batch of encouraging Chinese economic data that cements the notion the world’s second-largest economy is turning for the better, most Asian bourses soared in Friday trade.
In Asian trading Friday, Japan’s Nikkei 225 jumped 2.22% even as USD/JPY swung between gains and losses on the session. With a two-day meeting for the Bank of Japan meeting looming at the start of next week, traders appear convinced the central bank will boost its inflation target to 2% from the current level of 1% to appease Prime Minister Shinzo Abe.
Hong Kong’s Hang Seng rose 0.75% while the Shanghai Composite added 0.56%, aided by the aforementioned Chinese data points.
Risk appetite appeared to be the order of the day in Asia Friday after U.S. equities climb near five-year highs on Thursday. Chinese data appeared to buoy the demand for riskier assets.
China reported fourth-quarter GDP growth of 7.9%, topping the consensus estimate of 7.8%. In the third quarter, China posted GDP growth of 7.4%
For all of 2012, the Chinese economy expanded by 7.8%, its slowest growth rate in 13 years. That still beat the government target of 7.5%, the same target Beijing has in place for 2013.
China, also said industrial output surged 10.3% last month while fixed-asset investment for 2012 climbed 20.6%. Elsewhere, the National Bureau of Statistics of China said December retail sales surged 15.2% after a 14.9% jump in November. Analysts expected the December reading to remain flat.
While AUD/USD traded lower, Australian equities benefited from the China news with the S&P/ASX 200 Index adding 0.3%. China is Australia’s largest trading partner.
Meanwhile, New Zealand’s NZSE 50 slumped 0.78% after consumer price inflation in New Zealand fell unexpectedly in the fourth quarter. In a report out Friday, Statistics New Zealand said that CPI fell 0.3% in the fourth quarter compared with a 0.2% gain in the prior quarter. Analysts expected a fourth-quarter increase of 0.1%.
Elsewhere, South Korea’s Kospi rose 0.28% while Singapore’s Straits Times Index added 0.36%. S&P 500 futures dipped 0.06%.
In Asian trading Friday, Japan’s Nikkei 225 jumped 2.22% even as USD/JPY swung between gains and losses on the session. With a two-day meeting for the Bank of Japan meeting looming at the start of next week, traders appear convinced the central bank will boost its inflation target to 2% from the current level of 1% to appease Prime Minister Shinzo Abe.
Hong Kong’s Hang Seng rose 0.75% while the Shanghai Composite added 0.56%, aided by the aforementioned Chinese data points.
Risk appetite appeared to be the order of the day in Asia Friday after U.S. equities climb near five-year highs on Thursday. Chinese data appeared to buoy the demand for riskier assets.
China reported fourth-quarter GDP growth of 7.9%, topping the consensus estimate of 7.8%. In the third quarter, China posted GDP growth of 7.4%
For all of 2012, the Chinese economy expanded by 7.8%, its slowest growth rate in 13 years. That still beat the government target of 7.5%, the same target Beijing has in place for 2013.
China, also said industrial output surged 10.3% last month while fixed-asset investment for 2012 climbed 20.6%. Elsewhere, the National Bureau of Statistics of China said December retail sales surged 15.2% after a 14.9% jump in November. Analysts expected the December reading to remain flat.
While AUD/USD traded lower, Australian equities benefited from the China news with the S&P/ASX 200 Index adding 0.3%. China is Australia’s largest trading partner.
Meanwhile, New Zealand’s NZSE 50 slumped 0.78% after consumer price inflation in New Zealand fell unexpectedly in the fourth quarter. In a report out Friday, Statistics New Zealand said that CPI fell 0.3% in the fourth quarter compared with a 0.2% gain in the prior quarter. Analysts expected a fourth-quarter increase of 0.1%.
Elsewhere, South Korea’s Kospi rose 0.28% while Singapore’s Straits Times Index added 0.36%. S&P 500 futures dipped 0.06%.