Wall Street gave new confidence across global markets by closing last week with record highs. Asian markets took the cue, with traders shrugging off some disappointing economic data from China and focusing on the record finishes in the U.S. markets and a rebound in oil prices.
In Australia, the ASX 200 closed up 22.88 points, or 0.42 percent, at 5,530.90, posting a 0.6 percent gain for the week. while the benchmark Nikkei 225 closed up 184.80 points, or 1.10 percent, at 16,919.92 resuming trade after returning from its Thursday public holiday. For the week, the Nikkei posted a 4.09 percent gain.
The Korean Kospi finished nearly flat at 2,050.47, giving up earlier gains of around 0.3 percent and in Hong Kong, the Hang Seng index added 0.82 percent.
Chinese mainland markets traded higher, with the Shanghai composite closing up 48.38 points, or 1.61 percent, at 3,051.02 and the Shenzhen composite rising by 22.74 points, or 1.16 percent, to 1,973.66.
Currencies/Oil
In the currency market, the Australian dollar dropped from levels near $0.7685 before the release of the China data to as low as $0.7667. At 3:02 p.m. HK/SIN, the Aussie traded at $0.7682. China is one of Australia’s key trading partners and Chinese data usually impacts the Aussie.
Markets also reacted to oil price volatility amid speculation over the upcoming OPEC meeting. In Asia trade, oil prices extended their overnight rebound, with U.S. crude futures up 0.6 percent at $43.76 a barrel after jumping 4.3 percent overnight. Global benchmark Brent added 0.35 percent to $46.20 after climbing 4.5 percent overnight.
