Stocks in Japan and South Korea mostly higher; major markets closed for Good Friday

Stocks in Asia were mixed in Friday morning trade, with major markets across the region closed for the Good Friday holiday.

Japan’s Nikkei 225 rose 0.39% in early trade as shares of index heavyweight Fast Retailing gained 2.94%. The Topix index, on the other hand, dipped 0.3%.

South Korea’s Kospi added 0.1% as shares of automaker Hyundai Motor gained 2.99%.

Markets in Australia, Hong Kong, Singapore and India are all closed for the Good Friday holiday.

On the economic data front, Chinese inflation data is expected later on Friday, with China’s Consumer Price Index and Producer Price Index for March set to be out around 9:30 a.m. HK/SIN.

Overnight stateside, the S&P 500 added 1.5% to close at 2,789.82 while the Dow Jones Industrial Average gained 285.80 points, or 1.2%, to end its trading day at 23,719.37. The Nasdaq Composite closed 0.8% higher at 8,153.58.

For the week, the S&P 500 surged 12.1%. That was its biggest one-week gain since 1974, when it rallied more than 14%. The Nasdaq had its best week since 2009, jumping 10.6%. The Dow soared more than 12% for one of its biggest weekly gains on record. U.S. stock markets are also closed on Friday for Good Friday.

Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known collectively as OPEC+, on Thursday agreed to historic production cuts as global coronavirus pandemic weighs on demand for oil. 

The group will cut 10 million barrels per day in May and June, 8 million barrels per day from July through the end of the year, and 6 million barrels per day beginning in January 2021 and extending through April 2022, according to Reuters.

Currencies

The U.S. dollar index, which tracks the greenback against a basket of its peers, was last at 99.590 after slipping from levels above 100.5 seen earlier in the trading week.

The Japanese yen traded at 108.50 per dollar after seeing levels above 108.8 yesterday. The Australian dollar changed hands at $0.633 after rising from levels below $0.62 earlier this week.

What’s on tap for Friday:

  • China: Consumer Price Index and Producer Price Index for March at 9:30 a.m. HK/SIN

— CNBC’s Fred Imbert and Pippa Stevens contributed to this report.

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