Asian stock markets are higher on Friday following the positive cues overnight from Wall Street with investor sentiment bolstered by upbeat corporate earnings results and optimism about U.S.-China trade talks. Turkish lira extended gains from its record low earlier this week. Crude oil prices edged lower in Asian trades after rising overnight.
The Japanese market is rebounding, tracking a slightly weaker yen and the positive cues from Wall Street amid upbeat corporate earnings results and news of a new round of U.S.-China trade talks. The Nikkei 225 trading up by 0.45 percent on Friday morning. Most major sectors in Japan rose during early hours trade, with the shipping sector leading the way.
In the Greater China region, markets were mixed after beginning their trading day in positive territory. The Hang Seng Index traded 0.60 percent up with the major financials advancing. On the mainland, the Shanghai Composite edged downward by 0.39 percent after making gains of a similar magnitude earlier in the trading day.
The offshore Chinese yuan weakened slightly after a 1.2 percent climb on Thursday, the biggest daily gain since January 2017 following the trade talks news. The yuan last stood at 6.8794 per dollar, down 0.25 percent on the day but still off Wednesday’s 19-month low of 6.9587.
The euro, which has been affected by concerns about European banks’ exposure to Turkey, traded at $1.1375. The pound rose 0.12 percent on Thursday after 10 straight days of falls though concerns about a hard Brexit continued to undermine the sterling. Oil prices were on the defensive, on a weakening outlook for crude demand despite their gains on Thursday thanks in part to a recovery in global shares.
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