Asian Equities Surge as Oil Retreat Eases Inflation Fears
Asian equities continued their upward trend on Friday, mirroring gains seen in global markets. The region's advance followed a strong session on Wall Street, where the S&P 500 rose 1.1% and the Nasdaq 100 jumped 1.7%. The tech-heavy index saw semiconductor stocks surge 3.1%, while US equities rebounded from losses tied to the Federal Reserve's first rate increase since 2023.
The MSCI Asia-Pacific shares gauge climbed 0.3%, led by South Korea's Kospi index, which rose 2.5%. Hong Kong's Hang Seng Index advanced 0.9% to 24,834.41, and Shanghai's Composite added 0.8% to 3,907.64. Tokyo's Nikkei 225 climbed 0.7% to 64,554.64.
Brent crude prices slipped for a third consecutive session, falling to just under $104 a barrel, while West Texas Intermediate dropped 0.7% to $101.23. The decline in oil prices eased concerns over inflation, which had been driving interest rate hikes around the world.