Asian equities rose to a fresh seven-month high on Thursday, with Hong Kong shares playing catch-up to other markets' gains as trade resumed after its three-day Lunar New Holiday. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.56% to 555.81.
Oil prices gained sharply on expectations that demand will strengthen as top oil importer China reopens its economy, while gold slid after hitting a 9-month peak. The dollar was steady against its peers as a gloomy fourth-quarter earnings season continued ahead of U.S. Federal Reserve, European Central Bank, and Bank of England meetings next week, with all three expected to continue hiking interest rates.
Most Asian equity markets edged higher on Friday, while the U.S. dollar hung near its weakest level since May, with investors fretting about the risks of a global recession as the Federal Reserve presses on with interest rate increases. U.S. Treasury yields remained elevated in Tokyo after bouncing off four-month lows overnight.
Emerging market shares rose on Friday and were on course for their fourth straight week of gains as optimism around China lifting some COVID curbs and hopes for smaller interest rate hikes from the U.S. Federal Reserve eased recession worries.
Asian shares fell on Tuesday, commodities shed recent gains from China's reopening, and oil traded lower following hawkish comments from two U.S. Federal Reserve officials overnight, with investors turning cautious ahead of key inflation data. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.17%.