By Sarah Turner and Nick Godt, MarketWatch
MUMBAI (MarketWatch) — Asian shares rose Friday, with financials joining in global stock gains for the sector, as markets digested mostly positive developments from overseas.
Hong Kong’s Hang Seng Index HK:HSI +0.82% advanced 0.8%, while the Shanghai Composite Index CN:000001 +1.43% rose1.4%.
Japan’s Nikkei Stock Average JP:NIK +0.72% rose 0.7%, South Korea’s Kospi KR:0100 +0.22% added 0.2% after a holiday Thursday, and Australia’s S&P/ASX 200 index AU:XJO +0.41% closed 0.4% higher.
U.S. stocks had ended Thursday’s session with gains, helped by a drop in weekly jobless claims to the lowest level since March 2008, and with financial shares among the top gainers. Read more on U.S. markets.
“Markets shrugged off generally downbeat economic data from the U.S. and Europe, apparently preferring to focus on the continued decline in U.S. claims for unemployment compensation and successful government bond auctions in France and Spain,” said strategists at Barclays Capital.
Macquarie Research director Lucinda Chan agreed on the positive take on the days foreign news, saying that “everything offshore is doing better than most had anticipated. We are lifting out of the gloomy days.”
In addition, a trade body ruled Thursday that there had not been a credit event to trigger a payout on privately held Greek government bonds.
“The ISDA ruling was enough to push the [U.S.] banking sector higher,” said Stan Shamu at IG Markets on U.S. market action Thursday.
Bank-sector gains in Europe and the U.S. on Thursday spread to Tokyo financials on Friday, with Credit Saison Co. JP:8253 +5.58% CSASF +17.45% up 5.6%, Daiwa Securities Group Inc. JP:8601 +2.70% DSECF +8.22% ahead by 2.7%, and Nomura Holdings Inc. JP:8604 +2.44% NMR -0.24% adding 2.4%.
In Australia, most banks also gained, with Australia & New Zealand Banking Group Ltd. AU:ANZ +1.43% ANEWF -0.09% closing 1.4% higher, and Macquarie Group Ltd. AU:MQG +1.48% MCQEF +0.35% ahead by 1.5%.
In Hong Kong, HSBC Holdings PLC HK:5 +1.59% rose 1.6% and Bank of China Ltd. HK:3988 +1.21% BACHY +0.37% climbed 1.2%.
Thursday trading in New York also saw oil futures briefly top $110 a barrel, after reports, later denied, that some oil pipelines in Saudi Arabia had been destroyed in explosions. Read more on oil.
Energy shares were advancing on Friday, with Inpex Corp. JP:1605 +1.42% IPXHY -1.07% advancing 1.2%, and Japan Petroleum Exploration Co. JP:1662 +1.68% JPTXF +2.00% up 1.7%, though off their highs of the day as crude prices ebbed during the Asian equities session.
Among Hong Kong-listed names, China Petroleum & Chemical Corp. HK:386 +1.83% SNP +0.64% rose 2.2%, while PetroChina Co. HK:857 +0.69% PTR +0.03% advanced 1%.
South Korean car maker Hyundai Motor Co. HYMTF +4.46% jumped 1.9% after reporting Thursday its U.S. February sales climbed 17% from a year ago.
However, Japanese car makers were lower, with Toyota Motor Corp. JP:7203 -0.60% TM -1.83% down 0.6%, and Mazda Motor Corp. JP:7261 -2.31% MZDAF -2.60% falling 2.3%.
Both firms also reported U.S. sales, with Toyota’s sales up 12% and Mazda recording a 32.3% rise.
Other Japanese export-related firms were solidly higher, with TDK Corp. JP:6762 +1.99% TTDKF -19.23% up 2% and Fujitsu Ltd. JP:6702 +1.37% FJTSF +1.15% climbing 1.4%.
The gains for Japanese exporters came as the dollar USDJPY +0.64% remained supported against the yen, trading near ÂĄ81. Read more on currencies.
