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SINGAPORE (AP) — Asian markets were mostly higher on Friday as investors cheered a more restrained Federal Reserve and U.S.-China trade talks.
KEEPING SCORE: Japan's Nikkei 225 index advanced 0.7 percent to 20,306.16 and South Korea's Kospi was 0.4 percent higher at 2,071.18. Hong Kong's Hang Seng rose 0.1 percent to 26,559.47. The Shanghai Composite index was up 0.1 percent at 2,537.62. Australia's S&P ASX 200 lost 0.2 percent to 5,783.30. Shares rose Taiwan, Singapore and Malaysia but fell in the Philippines.
WALL STREET: U.S. stocks bounced back from a rocky start on Thursday, recording their fifth straight gain. Macy's suffered its biggest loss of all time, putting a drag on retailers. But industrial companies rallied after U.S. negotiators said China had agreed to buy more energy and agricultural products and manufactured goods. The S&P 500 index gained 0.5 percent to 2,596.64. The Dow Jones Industrial Average added 0.5 percent to 24,001.92 and the Nasdaq composite was up 0.4 percent at 6,986.07. The Russell 2000 index of smaller-company stocks climbed 0.5 percent to 1,445.43.
POWELL SPEECH: In a speech on Thursday, Federal Reserve Chairman Jerome Powell stressed that the central bank has the "ability to be patient" with its plans to gradually raise interest rates. He echoed the tone of Fed officials who were present at a meeting last month. Minutes of the meeting, which were released a day earlier, showed the officials believed that the central bank could afford to be "patient" with rate hikes, given volatile stock markets, trade tensions and shaky global growth. A market-sensitive Fed is reassuring to investors who fear its tightening policies would send the U.S. economy into recession.
US-CHINA TALKS: Talks between American and Chinese negotiators may have ended without significant breakthroughs, but traders are choosing to focus on the positives. The fact that talks lasted a day longer than planned, the release of conciliatory statements from both sides and the possibility of higher-level talks in the near future are fueling gains in Asia.
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RT @Hedgely: Asian stocks rise on Fed restraint, U.S-China trade hopes https://t.co/ji4ZWq9hFe https://t.co/2l56hvIwrF
Asian stocks rise on Fed restraint, U.S-China trade hopes https://t.co/ji4ZWq9hFe https://t.co/2l56hvIwrF
ICYMI: Global stocks give up some gains after solid start to year https://t.co/p1GFBLCGBm https://t.co/OfhkrCSFKR
US stocks drift in a quiet close to another winning week https://t.co/tBMr7a5gn0 https://t.co/X2h71d7vI9
RT @SidHameed: Asian stocks rise on Fed restraint, U.S-China trade hopes - Atlanta Journal Constitution https://t.co/jKg6ziJAOu https://t.c…