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Asian shares track Wall Street higher as jitters abound

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.6% in early Asia trade. Australia's resources-heavy share index gained 1.6%, South Korea advanced 2.1%, while Japan's Nikkei jumped 2.8%.

October 14, 2022 / 07:32 AM IST

Asian shares tracked Wall Street higher on Friday, although gains could quickly unwind as investors grapple with the reality that surging U.S. inflation will likely lead to higher interest rates for longer, hastening a global recession.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.6% in early Asia trade. Australia's resources-heavy share index gained 1.6%, South Korea advanced 2.1%, while Japan's Nikkei jumped 2.8%.

Chinese bluechips also opened 0.8% higher, as the central bank chief promised stronger support to the real economy as COVID lockdowns spread ahead of the all-important Communist Party Congress.

Investors had sold off shares earlier in the week in anticipation of a strong U.S. inflation print, with the Asian index now paring weekly losses to 3.4% for the week, helped by the bounce on Friday.