Stocks in Asia rose Friday, buoyed by expectations of easy money
from central banks around the globe.
Australia's S&P/ASX 200 gained 1.0% and Japan's Nikkei Stock
Average was up 0.8%, as hopes grew for accommodative monetary
policies from the European Central Bank after a weak reading on
inflation.
The gains also tracked a surge in global stocks overnight,
including in the U.S. where the Federal Reserve looks likely to
hold off lifting interest rates for a while.
Tokyo was getting a lift from the U.S. dollar's continued rise
against the yen, extending a long-term rally pinned on broader
expectations for higher rates later this year and a stronger U.S.
economy. The U.S. dollar was at Yen119.85 from Yen119.66 late
Thursday in New York. Its climb tends to be a boon for Japanese
exporters which repatriate dollar revenues from overseas.
The resource-heavy Australian market led gains in the region, as
crude oil prices continued to rebound. Oil futures, which recently
fell below $50 a barrel, had pressured markets around the globe
earlier this year, but prices appeared to have stabilized with a
0.3% rise overnight to $48.79 a barrel.
Energy stocks led Australia higher with heavyweight Woodside
Petroleum Ltd. up 2.7%, BHP Billiton Ltd. up 2.7% and Rio Tinto Ltd
gaining 1.9%.
Elsewhere, South Korea's Kospi was up 0.7%.
Write to Chao Deng at Chao.Deng@wsj.com
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