Asian shares tentative on global growth concerns, Japan surges

Most Asian share markets were subdued on Friday and the dollar held onto its gains from safe-haven flows, after soft economic data from U.S. and China magnified concerns of a global slowdown, although Japanese stocks outperformed.

MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) slipped 0.2% and was headed for a weekly decline of 0.8%, weighed lower by a slew of data from China that pointed to a sluggish economic recovery after the lift of COVID lockdowns.

Japan’s Nikkei (.N225), however, surged 0.8% to the highest level since November 2021, buoyed by strong earnings by Nissan (7201.T) and Honda (7267.T). Nasdaq futures rose 0.3% while the S&P 500 futures was 0.2% higher.

China’s bluechips (.CSI300) eased 0.1% in early trade although Hong Kong stocks (.HSI) eked out a small 0.2% gain, helped by a 8% jump in the e-commerce giant JD.com (9618.HK) on its earnings beat and leadership changes.

China’s economic recovery seems to be losing steam, with new bank loans tumbling sharply in April, consumer prices rising at the slowest pace in more than two years and imports unexpectedly contracting, driving in a plunge in commodity prices from copper, iron ore to oil.

This report’s information was first seen on REUTERS; to read more, click this link.