Asian stock markets are mostly trading notably higher on Friday with investors indulging in some hectic bargain hunting after recent heavy losses. The overnight strong close on Wall Street on the back of some upbeat economic data is also contributing to the surge.
In the Australian market, financial, mining, consumer discretionary and industrial stocks are mostly up with strong gains.
The benchmark S&P/ASX 200 index is up 81.6 points or 1.7 percent at 4,777.4. The broader All Ordinaries index is trading at 4,763.5, up 78.6 points or 1.7 percent from its previous close.
Among bank stocks, ANZ Bank is up 2.3 percent, Commonwealth Bank of Australia is up with a gain of 1.5 percent, National Australia Bank is trading 1.3 percent up and Westpac (WBK) is trading higher by 2 percent. Bendigo & Adelaide Bank and Bank of Queensland are up 4.2 percent and 3.7 percent, respectively.
Among top miners, BHP Billiton (BHP) is up 1.6 percent, Rio Tinto (RIO) is adding 2.6 percent, Fortescue Metals is up more than 4 percent and Newcrest Mining is trading higher by about 1.2 percent.
In the energy sector, Woodside Petroleum and Oil Search are trading modestly higher. Caltex Australia is down nearly a percent, while Santos and Origin Energy are trading flat.
In the currency market, the Australian dollar opened higher against the U.S. dollar. In early trades, the local unit was quoting at US$0.9640, up sharply from Thursday's close of US$0.9477.
The Japanese stock market opened on a buoyant note with the overnight strong close on Wall Street on some upbeat economic data triggering hectic buying across the board. The greenback's surge against the yen and hectic bargain hunting after the previous session's terrible setback too contributed to the rousing start.
Automobile, banking, chemicals, electric machinery, retail, construction and foods stocks opened notably higher and were mostly trading in positive territory with strong gains when the morning session ended.
The benchmark Nikkei 225 index was up 343 points or 2.8 percent at 12,788.4 at the end of the morning session.
Trend Micro, up nearly 7.5 percent, was the top gainer in the Nikkei index. JTEKT Corp., Minebea, Yamaha Corp., Yokogawa Electric, Marui Group, Seven & I Holdings, Kansai Electric Power and Nissan Chemical Industries gained 5 to 7 percent.
Showa Shell Sekiyu KK, Kawasaki Heavy Industries, Mitsubishi Electric Corp., Advantest Corp. (ATE), Mitsubishi Estate, Kansai Electric Power, Astellas Pharma, Dainippon Screen Manufacturing and Daiwa House Industry moved up by over 4 percent.
Casio Computer, Nissan Chemical Industries, Sumitomo Realty & Development, Fuji Electric, Tokyu Land, J Front Retailing, Takshimaya and Japan Tobacco also rose sharply.
Automobile stocks Suzuki Motor, Mazda Motor, Mitsubishi Motors, Isuzu Motors, Nissan Motor and Toyota Motor (TM) gained 1 to 3 percent.
In the banking space, Bank of Yokohama and Shinsei Bank moved up by over 2.5 percent. Sumitomo Mitsui Financial Group gained about 1 percent and Mitsubishi UFJ Financial (MTU) edged up marginally, while Mizuho Financial Group (MFG) is trading weak.
Mitsui Engineering & Shipbuilding, Ube Industries, Nippon Sheet Glass, Nisshin Steel Holdings and Showa Denko KK were down in negative territory, losing 0.8 to 2.8 percent.
Meanwhile, Japanese Prime Minister Shinzo Abe's Cabinet has endorsed its growth strategy, aiming to end nearly two decades of deflation by beefing up private-sector investment and rebuilding businesses.
In the currency market, the U.S. dollar traded in the mid-95 yen range in early deals in Tokyo. The yen is currently trading at 94.69 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Hong Kong and Indonesia are trading sharply higher. Malaysia, New Zealand, Singapore, South Korea and Taiwan are also up with notable gains, while Shanghai is down marginally.
On Wall Street, the major averages ended sharply higher on Thursday, as bargain hunting after recent heavy losses and a positive reaction to the latest batch of economic data lifted stocks.
The Dow surged up 180.9 points or 1.2 percent to 15,176.1, the Nasdaq jumped 44.9 points or 1.3 percent to 3,445.4 and the S&P 500 soared 23.8 points or 1.5 percent to 1,636.4.
Major European markets turned in a mixed performance on Thursday. While the German DAX index ended down by 0.6 percent, the French CAC 40 index and the U.K.'s FTSE 100 index both edged up by 0.1 percent.
U.S. crude oil prices surged higher as some upbeat economic data stoked hopes for stronger demand for oil. Crude for July delivery ended up 81 cents at $96.69 a barrel on the New York Mercantile Exchange.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.