CANBERA (dpa-AFX) - Asian stock markets are mostly higher on Friday following the positive cues overnight from Wall Street after the World Health Organization declared the coronavirus outbreak a global health emergency, but did not recommend measures restricting international trade or travel. The international agency noted that China was doing everything it could to contain the outbreak.
Investors also digested China's official manufacturing data that met expectations.
The Australian market is rising following the positive cues overnight from Wall Street.
The benchmark S&P/ASX 200 Index is adding 27.80 points or 0.40 percent to 7,036.20, after touching a high of 7,042.50 earlier. The broader All Ordinaries Index is up 28.80 points or 0.41 percent to 7,137.40. Australian shares closed lower on Thursday.
Among the major miners, Fortescue Metals is advancing more than 1 percent, BHP is adding 1 percent and Rio Tinto is up 0.2 percent.
Oil stocks are also higher despite a fall in crude oil prices. Santos is advancing more than 1 percent, Woodside Petroleum is higher by almost 1 percent and Oil Search is rising 0.6 percent.
Among the big four banks, ANZ Banking, Commonwealth Bank and National Australia Bank are rising in a range of 0.4 percent to 0.5 percent, while Westpac is edging up 0.1 percent.
Commonwealth Bank, which reports half-year results on February 12, said it will make a provision of A$83 million for insurance claims related to the recent bushfires in Australia.
Gold miners are weak despite gold prices rising overnight. Newcrest Mining is losing more than 2 percent and Evolution Mining is declining 0.5 percent.
ResMed reported a 13 percent increase in revenue for the second quarter from last year, reflecting growing demand for masks and other medical accessories. The medical device maker's shares are gaining almost 4 percent.
Perpetual said it plans to acquire U.S.-based responsible investments firm Trillium Asset Management for $36 million in cash plus an earnout. Shares of the fund manager are gaining more than 3 percent.
Fonterra's Australian operations reported a 3 percent decrease in milk production for November compared to the year-ago period, citing challenging farm conditions. The dairy producer's shares are down 0.5 percent.
In the currency market, the Australian dollar was quoted at $0.6716 on Friday, down from $0.6738 on Thursday.
The Japanese market is advancing following the positive cues overnight from Wall Street.
The benchmark Nikkei 225 Index is gaining 408.13 points or 1.78 percent to 23,385.88, after touching a high of 23,421.59 earlier.
Market heavyweight SoftBank Group Corp. and Fast Retailing are advancing almost 2 percent each.
Among tech stocks, Advantest is gaining more than 3 percent and Tokyo Electron is higher by almost 2 percent.
The major exporters are higher on a weaker yen. Mitsubishi Electric is rising more than 2 percent, while Sony and Canon are higher by more than 1 percent each, and Panasonic is adding 1 percent.
Among auto stocks, Toyota Motor is up 1 percent and Honda Motor is adding 0.3 percent. In the oil sector, Japan Petroleum is rising 0.2 percent and Inpex is edging up 0.1 percent after crude oil prices fell overnight.
Among the other major gainers, Fujitsu is gaining almost 11 percent on upbeat earnings for the third quarter, Chugai Pharmaceutical is rising more than 7 percent and Fuji Electric is higher by more than 5 percent.
On the flip side, Screen Holdings is tumbling more than 10 percent and Alps Alpine is losing more than 8 percent. Konami Holdings and Sumitomo Dainippon Pharma are lower by more than 7 percent each.
In the currency market, the U.S. dollar is trading in the 109 yen-range on Friday.
Elsewhere in Asia, South Korea, Taiwan and Hong Kong are also higher. Indonesia is losing more than 1 percent, while Singapore, New Zealand and Malaysia are edging lower. The Chinese markets remain closed for the Lunar New Year holidays.
On Wall Street, stocks closed higher on Thursday after the World Health Organization declared the coronavirus outbreak a global health emergency. Earlier in the day, the U.S. confirmed its first human-to human transmission of the virus, which has killed 171 people in China and has spread to as many as 18 other countries.
The Dow added 124.21 points or 0.43 percent to 28,858.66, while the Nasdaq rose 23.80 points or 0.26 percent to 9,298.96 and the S&P 500 was up 10.65 points or 0.33 percent to 3,284.05.
The major European markets also showed significant moves to the downside on the day. The German DAX Index, the French CAC 40 Index and the U.K.'s FTSE 100 Index all slumped by 1.4 percent.
Crude oil prices declined sharply Thursday amid concerns over the outlook for energy demand on coronavirus concerns. WTI crude for March ended down $1.19 or 2.2 percent at $52.14 a barrel, the lowest settlement since August 7.
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