CANBERA (dpa-AFX) - Asian stocks traded higher on Friday after U.S. stocks advanced for a second consecutive session on easing geopolitical and trade tensions between the United States and Europe.
Gold held firm above $4,950 per ounce, setting a new record high as the dollar index held losses after falling the most in a month during the New York session.
Oil prices eked out modest gains in early Asian trade after falling nearly 2 percent on Thursday amid hopes for a Ukraine peace settlement and persistent global oversupply concerns.
China's Shanghai Composite index edged up by 0.2 percent while Hong Kong's Hang Seng index surged 0.9 percent.
Japan's Nikkei index was up 0.2 percent and the yen wobbled near one-week lows ahead of the Bank of Japan policy decision later in the day, with the central bank expected to keep interest rates steady and signal cautious economic optimism.
Data showed today that Japan's headline inflation rate slowed sharply to 2.1 percent in December, its lowest level since March 2022, on the back of government subsidies.
In Seoul, the Kospi average was up 0.7 percent, heading toward a fresh peak, fueled by AI-driven demand in the tech-heavy market.
Australia's benchmark S&P/NZX-50 index was up 0.4 percent while New Zealand's benchmark S&P/NZX-50 index dipped 0.4 percent.
U.S. stocks rose overnight, adding to the previous session's rally on relief over President Trump's U-turn on Greenland.
Investors also cheered strong economic data and Nvidia CEO Jensen Huang's comments that the rapid expansion of AI infrastructure will create high-paying trade jobs.
In economic news, applications for U.S. unemployment benefits steadied at low levels last week after a volatile holiday season and consumer prices increased in line with economist estimates in November while Q3 GDP rose 4.4 percent on an annualized basis, the fastest in two years, driven by strong consumer spending, a slew of data revealed.
The Dow and the S&P 500 both rose by 0.6 percent while the tech-heavy Nasdaq Composite advanced 0.9 percent.
European stocks rose for the first time in five days on Thursday as Trump abandoned his threat to impose new Greenland-linked tariffs.
The pan European Stoxx 600 surged 1 percent. The German DAX rallied 1.2 percent, France's CAC 40 added 1 percent and the U.K.'s FTSE 100 edged up by 0.1 percent.
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