Asian Shares Advance As US Shutdown Worries Ease

(RTTNews) - Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown.

The dollar was broadly firm as U.S. President Donald Trump threatened a 200 percent tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey.

Gold was slightly lower after hitting a fresh record high. Oil prices jumped more than 1 percent following new U.S. sanctions targeting Iran's oil industry.

Chinese and Hong Kong markets rallied after Chinese authorities announced late on Thursday that they would hold a press conference on "boosting consumption" on Monday.

China's Shanghai Composite index surged 1.81 percent to 3,419.56 led by buying in consumer-related stocks. Hong Kong's Hang Seng index jumped 2.12 percent to 23,959.98.

Seoul stocks fell, with the Kospi average ending down 0.28 percent at 2,566.36 to extend losses for a second straight session.

SK Innovation plunged 5.2 percent, LG Chem slumped 4.7 percent, POSCO Holdings declined 2.6 percent and Hyundai Motor dropped 1.2 percent. Tech stocks outperformed, with SK Hynix surging 2.4 percent.

Japanese markets rose notably as investors bought chip-related and other beaten-down stocks ahead of the fiscal-year end.

The Nikkei average climbed 0.72 percent to 37,053.10, reversing early losses. The broader Topix index settled 0.65 percent higher at 2,715.85. Fujikura soared over 8 percent, Advantest surged 5.3 percent and Toyota Motor added 1 percent.

Australian markets advanced, led by mining stocks. The benchmark S&P/ASX 200 rose 0.52 percent to 7,789.70 but ended with its third-largest weekly loss this year. The broader All Ordinaries index closed 0.59 percent higher at 8,013.30.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index closed up 0.47 percent at 12,266.25.

U.S. stocks tumbled overnight to reach six-month lows as President Trump's latest tariff threats stoked concerns about the outlook for inflation and economic growth.

In economic releases, U.S. producer prices were unexpectedly unchanged in February while weekly jobless claims remained roughly in line with pre-pandemic levels.

The S&P 500 fell 1.4 percent to enter correction territory, while the Dow dropped 1.3 percent and the S&P 500 shed 1.4 percent.