Asian shares mostly rose on Friday after another day of gains on Wall Street amid a deluge of news about the economy, interest rates and corporate profits.
BANGKOK — Asian shares were mostly higher on Friday after another day of gains on Wall Street amid a deluge of news about the economy, interest rates and corporate profits.
Tokyo, Hong Kong and Sydney advanced while Seoul and Shanghai declined. U.S. futures edged lower while oil prices rose. A preliminary reading on factory activity for Japan showed output and new orders contracting to their worst levels in months. Companies blamed shortages of raw materials and rising costs.
Much of the focus this week has been on Europe. The European Central Bank opted, as expected, to raise its key interest rate Thursday, ending a yearslong experiment with negative interest rates. It was its first increase in 11 years. The Federal Reserve is set to raise rates next week for a fourth time this year, once again trying to tamp down high inflation without pulling the economy into a recession.The number of workers who filed for unemployment benefits last week was the highest in eight months, though it remains relatively low. A separate report released Thursday showed manufacturing in the mid-Atlantic region weakened much more than economists had expected.Tesla TSLA climbed 9.
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