Nikkei 225 Rise 2% As Investors Eyes On China’s Evergrande Crisis

Nikkei 225 Rise 2% As Investors Eyes On China’s Evergrande Crisis

Nikkei 225 rise 2% as investors eyes on China’s Evergrande crisis. Asia-Pacific markets mixed in Friday trade as investors seek clarity on developments surrounding China Evergrande Group.

Japan’s Nikkei 225 surged 2% in afternoon trade, with shares of Fast Retailing and Softbank Group adding 1.59% and 2.95% respectively. The Topix index jumped 2.15%.

Meanwhile, South Korea’s Kospi, slipped 0.12%.

Hong Kong’s Hang Seng index reached below the flatline by Friday afternoon.

Shares of China Evergrande Group in Hong Kong tumbled around 7%. Uncertainty continues around China Evergrande Group’s interest payment that was due Thursday. Chinese authorities have already told major lenders to prepare for the potential demise of Evergrande. 

Mainland Chinese stocks dropped, with the Shanghai composite shedding about 0.1% and the Shenzhen component down 0.525%.

Australia’s S&P/ASX 200 declined 0.4%.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1%.

Overnight on Wall Street, the Dow Jones Industrial Average advanced 506.50 points to 34,764.82 and the S&P 500 added 1.21% to 4,448.98. The Nasdaq Composite jumped 1.04% to 15,052.24.

The U.S. dollar index traded at 93.109.

The Japanese yen was at 110.40 per dollar. The Australian dollar reached $0.73 following its climb yesterday from below $0.724.

Oil prices jumped in the afternoon of Asia trading hours, with international benchmark Brent crude futures climbing 0.23% to $77.43 per barrel. U.S. crude futures rose 0.11% to $73.38 per barrel.