Thu, 29 Jul 2021

SYDNEY, NSW, Australia - Stocks in Japan and Australia moved higher on Friday as investors around the globe continued to weigh into stocks.

"This will continue for the time being, because the reopening (reflation) trade is still just getting underway," Masahiko Loo, a Tokyo-based portfolio manager at AllianceBernstein told Reuters Thomson Friday.

Gains however were modest. In Japan, the Nikkei 225 rose 82.63 points or 0.28 percent to 29,414.00.

The Australian All Ordinaries climbed 19.20 points or 0.26 percent to 7,325.20.

In China, the mood was not as buoyant. The Shanghai Composite dipped 22.41 points or 0.65 percent to 3,418.87.

The Hang Seng in Hong Kong declined 26.81 points or 0.09 percent to 28,610.65.

The U.S. dollar was little changed during the Asian trading zone. The euro edged up to 1.2077. The British pound was a tad higher at 1.3922. The Japanese yen was a few points lower at 109/16. The Swiss franc remained strong at 0.9081.

The Canadian dollar was unmoved, but well bid at 1.2187, a multi-year high. The Australian dollar inched down to 0.7767. The New Zealand dollar eased a fraction to 0.7219.

Overnight on Wall Street, the Dow Jones industrials index gained 318.72 points or 0.93 percent to 34,548.53.

The Standard and Poor's 500 added 34.24 points or 0.82 percent to 4,201.62.

The Nasdaq Composite gained 50.42 points or 0.37 percent to 13,632.84.

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