Asian stocks were tentatively higher on Friday after a solid set of U.S. data calmed turbulence in global financial markets, though underlying worries about slowing world economic growth kept investors on edge.
Asian stocks rose from a six-month low after a Federal Reserve official said the central bank should consider delaying the end of bond purchases and U.S. data eased concern over the global economy.
The MSCI Asia Pacific Index (MXAP) climbed 0.1 percent to 134.93 as of 9:01 a.m. in Tokyo after closing yesterday at the lowest since March 25. The gauge is heading for a sixth straight weekly decline as faltering recoveries in China and Europe spark concern global economic growth will slow and the Fed considers when to raise interest rates.
Japan's Nikkei share average rose 0.3 percent from a 4 1/2-month low hit the previous day while the Topix index increased 0.1 percent as the yen continued a decline against the dollar. South Korea’s Kospi index gained 0.2 percent, New Zealand’s NZX 50 Index climbed 0.3 percent and Australia’s S&P/ASX 200 Index added 0.3 percent.
USD Recovers
The U.S. dollar also recovered, with the dollar index stabilizing at 84.950, off the three-week low of 84.472 hit on Wednesday while the euro gave back some of Wednesday's gains on the greenback to settle at $1.2811, off this week's high of $1.2887.
European stocks fell to this year’s low with the benchmark index posting its longest slump in 11 years as concern grew that a financial crisis is returning to the region’s so-called peripheral nations. Even so, the Stoxx Europe 600 Index trimmed a decline of as much as 2.9 percent after Bullard’s comments and ended the day down 0.4 percent.