HONG KONG: A strong lead from Wall Street gave Asian stock markets a lift Friday, after all three major US indices vaulted to new records as the oil price rebounded.
Markets were up even as economic data from China missed expectations — a disappointing sign for growth in the world’s second largest economy.
The three-way record in the US, last seen among the leading indices in 1999, came amid strong gains in petroleum-linked shares and retailers, while European stocks also pushed higher thanks to accommodative central bank policies lending continued support to equities.
Among the performers was China’s New York-listed e-commerce behemoth Alibaba, which reported sales of 32.15 billion yuan ($4.83 billion), 59 percent higher than the level a year ago and above analyst expectations.
Oil prices were buoyed by a Saudi Arabian minister’s comments that crude producers may take action to rebalance the market, and extended their gains in Asian trade.
“Asia Pacific markets are set to finish the week on a high following strong leads from European and US investors,” Michael McCarthy, chief market strategist at CMC Markets in Sydney, said in an email commentary.
“Industrial commodities rose, led by oil, and overnight trading displayed ‘risk on’ characteristics despite the lack of an obvious trigger.”
Tokyo was up 0.7 percent, having been closed Thursday for a national
