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Hong Kong’s Hang Seng up 2% as Asia markets gain; logistics firm GoGoX falls below offer price

SINGAPORE — Shares in the Asia-Pacific region were higher on Friday as investors weigh recession fears.

Hong Kong’s Hang Seng index jumped 1% in early trade, with the Hang Seng Tech index rising 1.7%.

Logistics company GoGoX climbed as high as 22.90 Hong Kong dollars ($2.92) in its stock market debut in the city. The offer price was 21.50 Hong Kong dollars.

Mainland Chinese markets rose slightly. The Shanghai Composite gained 0.17%, and the Shenzhen Component was 0.125% higher.

South Korea’s Kospi gained 1.92%, and the Kosdaq advanced 3.81%.

In Japan markets, the Nikkei 225 rose 0.66%, while the Topix climbed 0.23%.

The S&P/ASX 200 in Australia rose 0.25%. The New Zealand market is closed for a holiday on Friday.

MSCI’s broadest index of Asia-Pacific shares rose nearly 1%.

Core consumer prices in Japan rose 2.1% for the month of May compared to a year earlier, in line with estimates, according to Reuters. That’s above the Bank of Japan’s target of 2% inflation. However, consumer prices only rose 0.8% if fresh food and energy was taken out, Reuters said.

Looking ahead, the Reserve Bank of Australia’s governor, Philip Lowe, is also set to speak on inflation later in the day.

Overnight in the U.S., stocks rose in a late-day rally amid recession fears. Several large banks this week raised their expectations of a recession.

The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 advanced 0.95% to 3,795.73, and the Nasdaq Composite gained 1.62% to 11,232.19.

Currencies and oil

The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 104.357.

The Japanese yen strengthened to 134.86 per dollar, recovering from the 136 levels against the greenback earlier this week. The Australian dollar was at $0.6909, having mostly been on a weakening trend this week.

Oil futures rose slightly in Asia trade. U.S. crude futures gained 0.86% to $105.17 per barrel, while international benchmark Brent crude gained 0.8% to $110.93 per barrel.

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