Economic news

Asian shares slightly higher ahead of Powell's discourse

On Friday Asian stocks attempted to make progress as vulnerability over how much further the U.S. Fed would slice borrowing costs added to traders' concerns over worldwide slowdown.

tokyo businessPhoto: Flickr

With a prolonged Sino-U.S. exchange row, and political turmoil in Hong Kong, Italy and Britain adding to the strained scenery, traders were highly anticipating Fed Chairman Jerome Powell's discourse at a meeting of national bankers in Jackson Hole, Wyoming, later in the day (1400 GMT).

MSCI's broadest equity indicator of Asia-Pacific stocks outside Japan gained 0.1 percent and was up 0.8 percent for the whole week, on its way to erase a four-week rough patch.

Japan's benchmark Nikkei gained 0.3 percent and Australian shares added 0.3 percent.

The Shanghai Composite and the blue-chip CSI300 edged by 0.5 percent higher and 0.7 percent, respectively, while Hong Kong's Hang Seng advanced 0.5 percent.

Benchmark equity indicators in Taiwan, Singapore, and Indonesia were a bit lower. Australia's S&P/ASX 200 added 0.2 percent.

Among individual shares, FamilyMart gained in Tokyo exchanging, as did Nippon Steel while Japan Post declined during a proceeding examination concerning its business rehearses. In Hong Kong, AIA Group and China Life Insurance advanced, while Country Garden edged lower. SK Hynix added in South Korea, and Foxconn advanced in Taiwan. In Australia, Wesfarmers and Fortescue Metals gained.

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