Asian markets mostly continue their climb

Hong Kong’s Hang Seng Index (HSI) rose nearly 0.2%. Japan’s Nikkei rose 0.7%, while South Korea’s Kospi (KOSPI) climbed 1.2%.
China’s Shanghai Composite Index (SHCOMP) was about flat following its 0.9% gain Thursday.
On Friday, the Chinese central bank guided the yuan lower for a seventh straight session. It set the daily fixing at the weakest level since April 2008.
The rate was set at 7.0136 yuan per one US dollar.
But the market was calmer. In onshore trading, the yuan was slightly weaker than it was Thursday: One dollar can now buy 7.05 yuan. In offshore trading, where the yuan trades more freely, the currency was virtually flat at 7.08 yuan per dollar.
US stock futures were down. Bloomberg reported earlier in the day that the White House plans to delay a decision on granting licenses that would allow US companies to sell to Chinese tech firm Huawei, citing people familiar with the matter.
Here are some of the other big moves at 11:00 a.m. Hong Kong time:
  • Japan’s GDP grew at an annualized 1.8% in the second quarter, beating market estimates, official statistics showed on Friday.
  • China’s consumer price index rose 2.8% in July, which was slightly better than market expectations. The country’s producer price index dropped 0.3%, according to government data released Friday. Pork prices surged 27%, affected by the African swine fever outbreak.
  • Tencent, the Chinese social media and online game giant, advanced 0.1% after it received regulatory approval to sell two new video games in China.
  • China’s largest nuclear power operator, CGN Power, set the price of its upcoming listing in Shenzhen. It wants to raise 12.6 billion yuan ($1.8 billion). CGN Power already trades in Hong Kong, where it was up about 1% Friday.
  • Swire Properties, which owns several major shopping malls in Hong Kong, said Thursday in an earnings report that uncertainties related to trade and the weakness of the yuan have affected how tourists from mainland China are spending their money — and in turn, have affected retail spending in Hong Kong. The company added that the city’s protests have had “some effect” on retail sales at malls, and that sales are likely to continue to be hit if the protests continue. Shares were down more than 3.5% on Friday.
  • On Wall Street, stocks finished higher Thursday. The Dow (INDU) closed 371 points, or 1.4%, higher. The S&P 500 (SPX) and the Nasdaq Composite (COMP) logged their third day of gains in a row, closing up 1.9% and 2.2%, respectively.

Source : Cnn