Asian Shares Gain On Fed Pause Hopes

(RTTNews) - Asian stocks ended mostly higher on Friday, as new data showed a continued easing on upward price pressure in the United States and Singapore's central bank sprang the surprise by leaving its monetary policy unchanged for the first time since April 2021.

Gold nudged higher and was on track for a second weekly gains, led by weakness in the greenback and lower bond yields.

Oil extended overnight losses on concerns that a U.S. recession could dent fuel demand.

China's Shanghai Composite index climbed 0.6 percent to 3,338.15 on expectations that China's GDP growth likely perked up in the first quarterly of the year. NAURA Technology Group jumped 10 percent on upbeat Q1 forecast.

Hong Kong's Hang Seng index edged up 0.46 percent to 20,438.81, taking cues from a solid rally on Wall Street overnight.

Japanese shares rallied to extend gains for a sixth straight session as weaker-than-expected CPI and WPI data from the U.S. raised hopes of a shift in Federal Reserve monetary policy.

The Nikkei average climbed 1.20 percent to 28,493.47 while the broader Topix index closed 0.54 percent higher at 2,018.72. Uniqlo operator Fast Retailing soared 8.5 percent after upgrading its annual forecasts on Thursday.

Seoul stocks ended higher for a sixth consecutive session, led by metal and financial stocks. The Kospi average gained 0.38 percent to close at 2,571.49. POSCO Holdings jumped 6.3 percent and Hana Financial added 3.6 percent.

Australian markets rose to log a third weekly gain on hopes that the Fed could be nearing the end of its tightening campaign.

The benchmark S&P/ASX 200 edged up 0.51 percent to 7,361.60 and gained 2 percent for the week. The broader All Ordinaries index settled 0.53 percent higher at 7,560.40, led by financials and gold miners.

Bank of Queensland fell about 1 percent after announcing a $200 million impairment of goodwill.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index dropped 0.42 percent to 11,880.56 after a survey showed contraction in the country's manufacturing sector in March. Indian markets were closed for a public holiday.

U.S. stocks rallied overnight after data showed producer prices unexpectedly fell in March and new claims for unemployment benefits rose more than expected last week, helping ease concerns about the outlook for interest rates.

The Dow jumped 1.1 percent and the S&P 500 added 1.3 percent to reach their best closing levels in nearly two months while the tech-heavy Nasdaq Composite jumped 2 percent.