Asian stocks traded higher on Friday as strong U.S. economic data and more stimulus measures from major importer China helped ease concerns around global growth. <\/p>\n
The dollar retained overnight gains while crude prices held near their highest level since early-November 2022 after China cut banks’ cash requirements to release more liquidity into the Chinese economy<\/span> and potentially shore up economic growth.<\/p>\n China’s Shanghai Composite index was down 0.2 percent despite China’s industrial output and retail sales figures for August coming in above expectations. Hong Kong’s Hang Seng index was up 0.3 percent.<\/p>\n Japan’s Nikkei average jumped 1.3 percent after the release of strong U.S. economic data and bets that the European Central Bank is done with rate hikes. <\/p>\n South Korea’s Kospi average climbed nearly 1 percent while Australia’s S&P ASX 200 jumped 1.6 percent, led by miners. <\/p>\n Across the Tasman, New Zealand’s benchmark S&P NZX-50 index was marginally higher. A batch of economic data showed an uptick for producer price inflation, solid retail sales and an uptick in weekly jobless claims. <\/p>\n The Dow gained 1 percent to notch its biggest gain in a month, while the tech-heavy Nasdaq Composite and the S&P 500 both rose around 0.8 percent. <\/p>\n European stocks rose sharply on Thursday after the European Central Bank (ECB) piled on a 10th straight interest-rate increase but signaled a potential end to its rate-hike campaign aimed at curbing inflation. <\/p>\n The pan European STOXX 600 advanced 1.5 percent. The German DAX rallied 1 percent, France’s CAC 40 jumped 1.2 percent and the U.K.’s FTSE 100 soared 2 percent. <\/p>\n
U.S. stocks posted strong gains overnight as investors cheered better-than-expected retail sales data and the blowout debut of chip designer Arm.<\/p>\n