Asian stocks rise with crude amid China optimism before holiday

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Asian equity markets and crude oil rose on Friday amid optimism about China’s reopening following the lifting of stringent COVID curbs, as markets prepared for the Lunar New Year holidays. | Reuters

Japan’s Nikkei added 0.56 percent, helped by a retreat in the yen. South Korea’s KOSPI gained 0.63 percent, reversing an earlier loss, and Australia’s benchmark edged 0.23 percent higher.

Sentiment improved from the Wall Street session, when investor worries about more Fed tightening were heightened by robust U.S. employment data and fresh hawkish rhetoric from central bank officials.

The dollar index – which measures the greenback against six peers, including the euro and yen – edged 0.14 percent higher to 102.17, adding a bit more distance from the 7-1/2-month low of 101.51 reached on Wednesday.

 

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