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Asia Stock Markets Surge as Investors Welcome Positive Economic Data

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“Asia stock markets soar on positive vaccine news, as investors regain confidence in the region’s economic recovery”

Asia-Pacific markets attempted a rebound on Friday, with Australia stocks bouncing from a one-year low in the previous session as investors continue to digest more inflation data.

Core consumer prices in Tokyo rose 2.7% in October compared to a year ago, government data showed. Economists polled by Reuters expected a 2.5% rise. The core consumer price index for Tokyo includes oil products but excludes fresh food prices.

Australia released its third quarter producer price index on Friday, with the country’s PPI recording a 3.8% growth year-on-year and 1.8% climb quarter-on-quarter. The PPI measures the change in the price of goods sold by manufacturers.

Futures for Hong Kong’s Hang Seng index stood at 17,136, pointing to a higher open compared to the HSI’s close of 17,044.61.

Japan’s Nikkei 225 opened 0.56% higher, while the Topix added 0.6%.

South Korea’s Kospi gained 0.19% at the open, but the small-cap Kosdaq slipped marginally.

In Australia, the S&P/ASX 200 traded 0.29% higher after closing 0.61% lower on Thursday.

The Nasdaq Composite fell deeper into correction territory on Thursday as Meta became the latest tech company to offer a forecast that didn’t quite live up to investors’ expectations.

The tech-heavy index lost 1.76%, closing below its 200-day moving average and ending at 12,595.61. The S&P 500 dipped 1.18%, while the Dow Jones Industrial Average slipped 0.76%.

– CNBC’s Brian Evans and Pia Singh contributed to this report

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