Asian markets gain on Friday; Oil slips

Japan's Nikkei 225 rose 0.13% in morning trade while the Topix index slipped 0.14%.

Dec 07, 2018 02:12 IST India Infoline News Service

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Asian markets gained on Friday after media report stated that US Federal Reserve could consider a slower tempo of increasing interest rates than what had been previously expected.

Also, there is concerns over Sino-US relations remaining heightened after the arrest of smartphone maker Huawei Technologies Co Ltd Chief Financial Officer Meng Wanzhou, which threatened to chill talks on some form of trade truce.

Fed Chairman Jerome Powell emphasised the strength of the labour market in remarks made late Thursday.

Oil fell further as OPEC delayed a decision on output cuts while awaiting support from non-OPEC heavyweight Russia.

Brent futures slipped another 47 cents to $59.59 a barrel, while US crude lost 31 cents to $51.18.

Elsewhere, Japan's Nikkei 225 rose 0.13% in morning trade while the Topix index slipped 0.14%. Shares of Softbank, which were hit hard in the previous trading day, lost their earlier gains to trade lower by around 0.7%. Over in South Korea, the Kospi gained 0.41%, with shares of chipmaker SK Hynix rising 1.36%. The ASX 200 in Australia rose 0.51%.

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