SINGAPORE — Shares in Asia-Pacific edged higher in Friday morning trade, continuing a rollercoaster week as investors assess the inflation and the global economic outlook.
The Nikkei 225 in Japan traded 2.34% higher, with shares of Japanese conglomerate SoftBank Group jumping more than 9% despite reporting Thursday a record loss at its Vision Fund investment unit. The Topix index climbed 1.61%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 1.1% higher.
Concerns over inflation and the economic outlook have weighed on global investor sentiment in recent days, with riskier assets such as tech stocks and cryptocurrencies taking a hit.
JPMorgan Private Bank’s Alex Wolf told CNBC’s “Squawk Box Asia” on Friday that the firm is “fairly cautious” on Asia stocks at the moment.
“There’s really nowhere to hide,” said Wolf, head of investment strategy for Asia at the firm. He cited concerns such as broad growth risks creating “near-term uncertainties” for Asia, particularly the region’s emerging markets.
Overnight on Wall Street, the S&P 500 declined 0.13% to 3,930.08 — more than 18% lower than its all-time high. The Dow Jones Industrial Average shed 103.81 points, or 0.33%, to 31,730.30. The tech-heavy Nasdaq Composite advanced fractionally to 11,370.96.
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 104.765 after a recent climb from below 104.3.
The Japanese yen traded at 129.21 per dollar, stronger as compared with levels above 130 seen against the greenback earlier this week. The Australian dollar was at $0.6883 as continues to struggle for a bounce after slipping from above $0.70 earlier in the week.
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