Pedestrians on an overpass in Beijing, China, on Friday February 3, 2023.
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Asia-Pacific markets were mostly higher on Friday after Wall Street rallied overnight after Atlanta Fed President Raphael Bostic said he was “firm” in sticking with quarter-point hikes.
China’s services sector saw activity jump, reading 55 in February from 52.9 in January, according to the Caixin/S&P Global Services Purchasing Manager’s Index.
Hong Kong’s Hang Seng index rose 0.78% in its latest hour of trading, while the Hang Seng tech index gained 2.21%. In mainland China, the Shenzhen Component edged up to close at 11,851.91 and the Shanghai Composite was up 0.54% to close at 3,328.39 on Friday.
The Nikkei 225 rose 1.56% to close at 27,927.47, leading gains in the region and the Topix rose 1.25% to close at 2,019.52 as inflation in the Japanese capital compared to the month before in February eased.
In Australia, the S&P/ASX 200 was up 0.39% to 7,283.6. South Korea’s Kospi rose 0.17% to close at 2,432.07, while the Kosdaq closed 1.93% higher at 802.42.
US stocks initially came under pressure overnight at the start of the trading day, but recovered in the afternoon following Bostic’s comments. The Dow Jones Industrial Average led gains among major US indices, rising 1.05%, while the S&P 500 and Nasdaq Composite ended 0.76% and 0.73% higher, respectively.
— CNBC’s Tanaya Macheel and Samantha Subin contributed to this report.