Investing.com - APAC shares lifted on Friday after US stocks advanced on stronger-than-expected retail sales reports.
By 10:30 am AEST (12:30 am GMT), the S&P/ASX 200, KOSPI 200, and Nikkei 225 added 1.3%, 1.8%, and 2.7%, respectively.
In the United States, major indices rallied after fresh data showed that retail spending grew last month, easing some investor fears about an economic slowdown. The S&P 500 climbed 1.6% on Thursday, rising for the sixth consecutive session. The tech-heavy NASDAQ Composite added 2.3%, while the Dow Jones Industrial Average rose 1.4%, or about 550 points.
A trio of fresh data points reassured investors that consumer spending, a crucial component of the U.S. economy, is holding up. Retail sales - a measure of spending at stores, online, and in restaurants - rose a seasonally adjusted 1% in July from the previous month, higher than economists expected.
Weekly jobless claims came in slightly below consensus forecasts. Additionally, Walmart Inc (NYSE:WMT) reported strong sales for its latest quarter, with executives saying they don't see signs of weakening demand. The retailer's shares rose 6.6%.
Wall Street's "fear gauge," the CBOE Volatility Index, fell to 15.23, its lowest close since late July.
Among individual stocks, shares of Ulta Beauty Inc (NASDAQ:ULTA) jumped 11.2%, the best performer in the S&P 500, following Warren Buffett's Berkshire Hathaway (NYSE:BRKa) disclosing its stake in the beauty company. Cisco Systems Inc (NASDAQ:CSCO) shares climbed 6.8% after the networking-equipment company announced plans to cut its workforce by 7%, or about 6,000 people.
In the commodity markets, Brent crude oil was up 1.4% to US$80.89 a barrel, while gold was flat at US$2,456.66.
On the bond markets, United States 10-year and 2-year rates were at 3.92% and 4.085%, respectively.
Chinese shares closed higher, supported by insurance and property stocks, following a mixed set of economic data. The country's retail sales improved last month, while fixed-asset investment growth unexpectedly slowed in the January-July period. Meanwhile, authorities announced plans to buy up excessive apartments to reduce housing inventories further. The benchmark Shanghai Composite Index closed 0.9% higher at 2,877.36, the Shenzhen Composite Index rose 0.8%, and the ChiNext Price Index gained 0.5%.
Hong Kong's Hang Seng Index closed flat at 17,109.14 amid mixed regional trading. The Hang Seng Tech Index ended 0.3% lower. Among decliners, Zhongsheng Group fell 4.5%, Alibaba (NYSE:BABA) Health Information Technology lost 3.7%, and Li Ning was 3.65% lower. Sino Biopharmaceutical gained 5.6%, NetEase (NASDAQ:NTES) rose 3.9%, and China Shenhua Energy climbed 3.4%.
Japanese shares ended higher, driven by gains in auto and financial stocks after stronger-than-expected GDP data eased concerns about the economic outlook. Subaru Corp. advanced 5.2%, and Mizuho Financial Group climbed 4.0%. The Nikkei Stock Average rose 0.8% to 36,726.64. The 10-year Japanese government bond yield rose 2.5 basis points to 0.830%.
Indian shares ended higher, led by tech stocks. HCL Technologies rose 2.1%, Infosys gained 1.4%, and Tech Mahindra added 1.4%. Steel stocks saw declines, with Tata Steel dropping 1.8% and JSW Steel falling 1.9%. Investors were focusing on India's trade data for clues on the economy's strength. The benchmark Sensex index ended 0.2% higher at 79,105.88.
Stocks in the U.K. rose on Thursday, with the FTSE 100 Index gaining 0.8% to 8,347.35. Among large companies, Admiral Group (LON:ADML) PLC was the biggest gainer, surging 6.5%, followed by Alphawave IP Group PLC, which rose 5.2%, and Watches of Switzerland Group PLC, which gained 4.6%. OSB Group PLC posted the largest decline, dropping 19%, followed by Deliveroo PLC, which fell 2.8%, and Pennon Group PLC, which declined 1.8%.
Elsewhere in Europe, markets closed higher. The STOXX Europe 600 Index was up 1.2% at 509.88, Germany's DAX rose 1.7% to 18,183.24, and France's CAC 40 added 1.2% to 7,423.37.