An uncertain start for some Asian stock markets following Thursday’s drubbing evolved into broad gains Friday as trading progressed — with the notable exceptions of Japan and China. Still, the region will post big weekly declines absent a huge move higher by the day’s end.
Japan’s morning declines have persisted, with the Nikkei
seeing a 0.3% drop. Insurers and energy stocks were notable decliners following fresh overnight declines in bond yields and oil prices. Dai-ichi Life
was down 4.3%, in line with yesterday’s skid, while oil distributor JXTG
dropped a further 1%.
Chinese stocks, weak early after their worst day in 2½ years, just slid to session lows following the release of September trade data. The Shanghai Composite
is down 0.5% and the Shenzhen Composite
was off 1.4%.
Hong Kong stocks opened broadly higher after yesterday’s beatdown, to be one of Asia’s better early performers. The Hang Seng
was up 0.5% after a 17-month closing low Thursday. A technical indicator suggests the Hang Seng’s finish Thursday put the index at its most-oversold level since the start of 2016. After a record 10 straight drops, Tencent
was up nearly 4%. Meanwhile, insurer AIA
Benchmark indexes in New Zealand
, South Korea
, all of which saw their worst days in at least 7 years yesterday, rose some 1% each. Indexes in Singapore
also rose, while Australia’s ASX 200
was about flat.
Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.