Asian stocks advanced in early trading Friday, rebounding from yesterday’s broad selling, after the Dow Jones Industrial Average reversed some of its midweek pullback.
Rebounds are broad theme across asset classes as the week comes to an end. Oil priced bounced some 1.5% Thursday, helping Asian energy stocks Friday, while the yen continued yesterday’s gains following its own recent pause.
Yen strength was capping gains for the Nikkei Stock Average NIK, +0.36% to 0.3%, trailing advances elsewhere in the region.
The dollar JPYUSD, -0.136588% was recently at ¥106.90 after nearing ¥108 midweek. But the yen did fall some in Asian trading as Japan’s core inflation rose 0.9% in January from a year earlier, slightly faster than the 0.8% expected by economists.
Still, wage growth remained muted and the yen’s start-of-2018 strength will cap producer-price inflation in the months ahead, said Marcel Thieliant, senior Japan economist at Capital Economics. “The upshot is that the Bank of Japan’s 2% inflation target remains out of reach,” he said.
New Zealand’s S&P/NZX 50 NZ50GR, +0.24% rose 0.5% as retail sales there topped expectations. A2 Milk ATM, -2.40% eased 0.5% in the wake of its recent 39% stock surge, which helped fuel the market the prior two days.
Australia’s stock benchmark XJO, +0.68% also rose 0.5% as it seeks a third-straight gain, with energy stocks strong.
Oil futures were down slightly in Asia after the overnight rally.
In other markets, bitcoin BTCUSD, -2.00% has fallen to $9,700 — a one-week low for the most well-known cryptocurrency — after nearly reaching $11,000 on Thursday, according to CoinDesk.