Currencies, oil, Wall Street, stock debut

SINGAPORE — Stocks in the Asia-Pacific region were higher Friday as investors weighed fears of a recession.

Hong Kong’s Hang Seng Index rose 1% in early trading, while the Hang Seng Tech Index rose 1.7%.

Logistics company GoGoX climbed to 22.90 Hong Kong dollars ($2.92) during its stock market debut in the city. The offer price was 21.50 Hong Kong dollars.

Mainland Chinese markets rose slightly. The Shanghai Composite gained 0.17% and the Shenzhen Component was up 0.125%.

South Korea’s Kospi gained 1.92% and the Kosdaq 3.81%.

In the Japanese markets, the Nikkei 225 rose 0.66%, while the Topix rose 0.23%.

Australia’s S&P/ASX 200 rose 0.25%. The New Zealand Market is closed on Friday for a public holiday.

MSCI’s broadest index of stocks in Asia Pacific rose nearly 1%.

According to Reuters, core consumer prices in Japan rose 2.1% in May from a year earlier. That is above the Bank of Japan’s target of 2% inflation. However, consumer prices rose only 0.8% when fresh food and energy were taken away, Reuters said.

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Looking ahead, Reserve Bank of Australia Governor Philip Lowe will also speak on inflation later in the day.

Overnight US stocks rose in a late-day rally amid fears of a recession. Several major banks raised their expectations of a recession this week.

The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 was up 0.95% to 3,795.73 and the Nasdaq Composite gained 1.62% to 11,232.19.

Currencies and Oil

The US dollar index, which tracks the greenback against a basket of its peers, stood at 104,357.

The Japanese yen strengthened to 134.86 per dollar and recovered from the 136 levels earlier this week against the dollar. The Australian dollar was at $0.6909 after largely being in a weakening trend this week.

Oil futures rose slightly in Asian trading. US crude oil futures gained 0.86% to $105.17 a barrel, while the international benchmark Brent oil gained 0.8% to $110.93 a barrel.

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