Asia report: Stocks rise on solid US sentiment

Asia-Pacific stock markets rallied on Friday, benefiting from an upbeat mood in global markets after US lawmakers approved a deal to raise the federal debt ceiling overnight, averting a government default.

“Most Asian equity markets had a positive trading session as the region drew inspiration from the gains on Wall Street,” said TickMill Group market analyst Patrick Munnelly.

“The S&P 500 and Nasdaq reached nine-month highs, buoyed by optimism surrounding the debt ceiling, falling labour costs, and dovish commentary from the Federal Reserve.

“Meanwhile, US index futures remained steady after the Senate also passed the debt ceiling bill.”

Stock markets rise on strengthening sentiment

In Japan, the Nikkei 225 jumped 1.21% to close at 31,524.22, while the broader Topix index rose 1.55% to 2,182.70.

Among the leaders on Tokyo’s benchmark were shares of Nippon Paper Industries, Eisai, and CyberAgent increased by 5.31%, 4.97%, and 4.47% respectively.

China's markets also climbed, with the Shanghai Composite up 0.79% at 3,230.07 and the Shenzhen Component increasing 1.5% to 10,998.08.

Beijing Electronic Zone and Huali Industries were among the top performers in Shanghai, with shares surging 10.06% and 10.05% respectively.

In Hong Kong, the Hang Seng Index was up a notable 4.02%, ending the day at 18,949.94.

Longfor Properties, Country Garden Services, and Li Ning Co saw significant gains, jumping 17.24%, 12.96%, and 11.16% respectively.

South Korea's Kospi also ended the session higher, climbing 1.25% to 2,601.36, with SKC and SK IE Technology leading the gains, surging 8.57% and 7.62%.

Australia's S&P/ASX 200 nudged up 0.48% to close at 7,145.10, with Paladin Energy and Idp Education being the standouts, rising 10.74% and 6.31%.

In contrast, New Zealand's S&P/NZX 50 dipped 0.3% to 11,880.90, with Mainfreight and Fisher & Paykel Healthcare shares declining 2.78% and 1.72%.

On the currencies front, yen was last 0.06% weaker against the dollar to trade at JPY 138.88.

The down under dollars strengthened on the greenback, however, with the Aussie and the Kiwi last advancing 0.88% and 0.45% to change hands at AUD 1.5085 and NZD 1.6397, respectively.

In commodity markets, oil prices trended higher, with Brent crude futures last up 1.37% on ICE at $75.30 per barrel, and the NYMEX quote for West Texas Intermediate rising 1.44% to $71.11.

South Korean consumer inflation eases as expected

On the economic front, the rate of inflation in South Korea for May was recorded at 3.3% higher than the same period last year, aligning with Reuters-polled forecasts.

The data indicated a slight easing from the 3.7% inflation rate seen in April.

On a month-to-month basis, consumer prices increased by 0.25%, a small uptick from the 0.2% rise reported in the previous month.

That represented the most modest monthly increase since October 2021, according to Refinitiv.

Reporting by Josh White for Sharecast.com.

NIKKEI 225 +376.21 (+1.21%) 31,524.22

RISERS
Nippon Paper Industries +5.31% JPY 1,170.0
Eisai +4.97% JPY 9,500.0
CyberAgent Inc +4.47% JPY 1,028.0
Tokyo Electric Power Company +4.4% JPY 552.0
Omron Corporation +4.38% JPY 8,790.0

FALLERS
Tokyo Electron -2.33% JPY 19,275.0
Advantest Corporation -1.45% JPY 17,730.0
Mitsui OSK Lines -0.47% JPY 3,150.0
Sumitomo Mitsui Financial -0.39% JPY 5,690.0
Japan Steel Works -0.37% JPY 2,958.0

SHANGHAI COMPOSITE +25.43 (+0.79%) 3,230.07

RISERS
Beijing Electronic Zone +10.06% CNY 5.69
Huali Industries +10.05% CNY 8.76
Anhui Zhongyuan New Materials Co +10.03% CNY 13.82
Guizhou Redstar Developing Co +10.02% CNY 13.95
Changzhou Kaidi Electrical Inc +10.01% CNY 43.95

FALLERS
ENC Digital Technology -10.01% CNY 13.30
Fujian Raynen Tech -10.01% CNY 20.50
Beijing AriTime Control -9.98% CNY 15.61
China Sports Industry -9.96% CNY 11.21
Hangzhou Advance Gearbox Group -7.43% CNY 11.09

HANG SENG INDEX +733.03 (+4.02%) 18,949.94

RISERS
Longfor Properties +17.24% HKD 17.00
Country Garden Services +12.96% HKD 9.49
Li Ning Co +11.16% HKD 46.30
China Hongqiao +11.11% HKD 6.30
Zhongsheng +11.01% HKD 31.25

FALLERS
CK Infrastructure -1.74% HKD 42.25
Techtronic Industries -1.47% HKD 73.75
CK Asset -0.11% HKD 43.70
SMIC +0.2% HKD 19.94
Lenovo Group +0.54% HKD 7.50

KOSPI 100 +34.40 (+1.35%) 2,587.32

RISERS
SKC +8.57% KRW 102,600
SK IE Technology Co +7.62% KRW 97,500
Hanwha Solutions +5.94% KRW 47,250
Meritz Financial +5.76% KRW 46,850
LG Chemicals +4.95% KRW 721,000

FALLERS
SD Biosensor -4.02% KRW 16,700
Hybe -2.7% KRW 270,000
Hanjinkal -1.46% KRW 47,250
Hanmi Pharm Co -1.13% KRW 306,500
Celltrion -1.08% KRW 173,500

S&P/ASX 200 +34.30 (+0.48%) 7,145.10

RISERS
Paladin Energy +10.74% AUD 0.67
Idp Education +6.31% AUD 21.75
APM Human Services International +5.8% AUD 2.19
Champion Iron +5.63% AUD 6.00
Sandfire Resources +5.49% AUD 5.96

FALLERS
Telix Pharmaceuticals -7.2% AUD 10.82
Neuren Pharmaceuticals -4.38% AUD 13.53
Lovisa Holdings -3.16% AUD 19.63
Brambles -2.55% AUD 13.38
Mercury NZ -2.46% AUD 5.95

S&P/NZX 50 -35.23 (-0.3%) 11,880.90

RISERS
Pacific Edge +15.12% NZD 0.495
Eroad +5.71% NZD 0.74
Synlait Milk +3.23% NZD 1.60
Skellerup +3.04% NZD 4.74
Argosy Property +2.73% NZD 1.13

FALLERS
Mainfreight -2.78% NZD 67.55
Fisher & Paykel Healthcare -1.72% NZD 23.96
Goodman Property -1.61% NZD 2.14
Spark New Zealand -1.61% NZD 5.20
Fletcher Building -1.59% NZD 4.95