Asian Markets end mostly higher amid hopes of US recovery

Chinese mainland markets and Hang Seng struggle.

May 07, 2021 02:05 IST India Infoline News Service

Asian markets rallied to end mostly higher on Friday following a record-breaking finish on Wall Street. Chinese mainland markets however struggled. Investors are keenly awaiting a key US jobs report that is expected to reaffirm the recovery in the world’s top economy is blasting ahead.

Overnight, US indices closed with gains as Dow Jones hit a fresh new all-time high on the back of stronger than expected jobs data. Following that, Asian markets opened in the green led by the Japanese 'Nikkei' which traded higher by 100 points after clocking gains of over 2% yesterday.

The strength in US data coupled with the re-opening of normalcy is seeing the spill-over effect in Asian markets also.

Nikkei trimmed gains to close 0.09% higher. Korean Kospi advanced 0.58%. SGX Nifty was 0.5% higher. Indian Nifty 50 also edged higher. Australian ASX 200 ended 0.27% higher while market in New Zealand ended 0.17% lower. Malaysia and Thailand also advanced while market in Jakarta was lower.

Chinese stocks struggled again, Shanghai Composite sank 0.65% lower and Shenzen Component shed 1.95%. Hong Kong’s Hang Seng was also under pressure.

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