Asian shares mostly rose on Friday as markets continued to show moderate optimism regarding technology companies and the global economy's relative health.
Japan's benchmark Nikkei 225 increased by 0.5% to reach 38,566.40 following positive data on the world's fourth-largest economy. Industrial production in Japan rose by 2.8% in July, rebounding from a decline of 4.2% in June, according to the Ministry of Economy, Trade, and Industry. Additionally, Tokyo consumer prices rose more than expected to 2.6% year on year in August.
Australia's S&P/ASX 200 gained 0.3%, South Korea's Kospi added 0.6%, Hong Kong's Hang Seng surged 1.8%, and the Shanghai Composite jumped 1/3%.
On Wall Street, a late-afternoon slide by some Big Tech companies led to a mixed finish for U.S. stock indexes. The S&P 500 ended flat, the Dow Jones Industrial Average gained 0.6%, and the Nasdaq composite slipped 0.2%.
The Commerce Department upgraded its assessment of U.S. economic growth for the second quarter to 3%, signaling continued strength despite inflation and high interest rates. Positive reports on retail sales, employment, and consumer confidence in August have further bolstered the economy.
The key report awaited is the U.S. government's July data on inflation with the PCE report, expected to show a slight increase to 2.6% from 2.5% in June. Hopes are rising for the Federal Reserve to start cutting its benchmark interest rate, with expectations of a 1% cut by year-end.
In energy trading, benchmark U.S. crude gained 18 cents to $76.09 a barrel, and Brent crude rose 23 cents to $80.17 a barrel. The U.S. dollar fell to 144.84 Japanese yen from 145.02 yen, while the euro cost $1.1075, down from $1.1082.
