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Asian stocks ended mostly higher on Friday after U.S. Senate Minority Leader Chuck Schumer said he plans to vote for a Republican bill to fund the government through September, helping ease worries about a potential federal government shutdown. <\/p>\n
The dollar was broadly firm as U.S. President Donald Trump threatened a 200 percent tariff on European wine, Champagne and spirits if the European Union goes forward with a planned tariff on American whiskey.<\/p>\n
Gold was slightly lower after hitting a fresh record high. Oil prices jumped more than 1 percent following new U.S. sanctions targeting Iran’s oil industry. <\/p>\n
Chinese and Hong Kong markets<\/span> rallied after Chinese authorities announced late on Thursday that they would hold a press conference on “boosting consumption” on Monday.<\/p>\n China’s Shanghai Composite index surged 1.81 percent to 3,419.56 led by buying in consumer-related stocks. Hong Kong’s Hang Seng index jumped 2.12 percent to 23,959.98.<\/p>\n Seoul stocks fell, with the Kospi average ending down 0.28 percent at 2,566.36 to extend losses for a second straight session. <\/p>\n SK Innovation plunged 5.2 percent, LG Chem slumped 4.7 percent, POSCO Holdings declined 2.6 percent and Hyundai Motor dropped 1.2 percent. Tech stocks outperformed, with SK Hynix surging 2.4 percent. <\/p>\n Japanese markets rose notably as investors bought chip-related and other beaten-down stocks ahead of the fiscal-year end. <\/p>\n The Nikkei average climbed 0.72 percent to 37,053.10, reversing early losses. The broader Topix index settled 0.65 percent higher at 2,715.85. Fujikura soared over 8 percent, Advantest surged 5.3 percent and Toyota Motor added 1 percent. <\/p>\n Australian markets advanced, led by mining stocks. The benchmark S&P\/ASX 200 rose 0.52 percent to 7,789.70 but ended with its third-largest weekly loss this year. The broader All Ordinaries index closed 0.59 percent higher at 8,013.30.<\/p>\n Across the Tasman, New Zealand’s benchmark S&P\/NZX-50 index closed up 0.47 percent at 12,266.25.<\/p>\n U.S. stocks tumbled overnight to reach six-month lows as President Trump’s latest tariff threats stoked concerns about the outlook for inflation and economic growth.<\/p>\n In economic releases, U.S. producer prices were unexpectedly unchanged in February while weekly jobless claims remained roughly in line with pre-pandemic levels.<\/p>\n The S&P 500 fell 1.4 percent to enter correction territory, while the Dow dropped 1.3 percent and the S&P 500 shed 1.4 percent. <\/p>\n<\/p>\n Business News<\/p>\n<\/div>\n