Asian stocks rose sharply on Friday, as news that Greece has reached a deal with international lenders on an austerity plan and a plunge in crude prices overnight following the International Energy Agency's announcement that it would release emergency oil stockpiles, offset escalating worries about global growth.
A retreat in oil prices caused energy stocks to fall, while airline stocks, which benefit from lower fuel costs, moved higher. Oil prices were half a percent higher below $92 a barrel in Asian trading and copper rose for the first time in three days in London, as the dollar slid against the euro and the yen. Lower oil price will ease inflationary pressures and support growth in many emerging economies such as China and India.
Japan's Nikkei average rose 0.9 percent to close at a three-week closing high, as a sharp fall in crude prices lifted shipping stocks and exporters such as Sony climbed on bargain hunting following recent heavy losses. The broader Topix index also closed 0.9 percent higher.
Among shippers, Mitsui O.S.K.climbed 3.2 percent and Nippon Yusen rose a little over 2 percent. Sony Corp. rose 2.4 percent to end 4.5 percent higher for the week after Mitsubishi UFJ Morgan Stanley Securities raised its rating on the stock. Electronics conglomerate Toshiba jumped 4.9 percent on a similar stock upgrade.
Automakers continued to rise on optimism about a quick recovery from supply chain bottlenecks after the March 11 earthquake, tsunami and subsequent nuclear crisis. Toyota Motor closed up 1.1 percent, Honda Motor gained 1.2 percent and Nissan Motor edged up 0.6 percent.
Chubu Electric Power rose 1.9 percent. Trade minister Banri Kaieda said the government would provide a 100 billion yen low-interest emergency loan to the utility, as early as this month , under an emergency response loan program designed to help companies hit by the March 11 disaster.
China's Shanghai Composite index jumped 2.1 percent, its biggest daily rise since mid-February, after Chinese Premier Wen Jiabao said that inflation would be kept firmly under control this year. Efforts to curb inflation have worked, with price levels now within a controllable range, the Chinese premier wrote in a Financial Times editorial published Friday.
Shares of construction machinery and bio-pharmaceutical companies rose sharply amid reports that China will soon unveil ambitious development plans for the two industries. Hong Kong's Hang Seng index closed up 1.9 percent, with bank stocks rallying after Wen's comments eased worries about further monetary tightening steps.
The Australian market closed modestly higher following a mixed session on Wall Street overnight. The benchmark S&P/ASX200 closed 0.2 percent higher, while the broader All Ordinaries rose 0.1 percent.
BHP Billiton edged up 0.7 percent an saying that it would invest a further $488 million in the development of its Jansen Potash project in Saskatchewan , Canada. Rival Rio Tinto moved up half a percent. Commonwealth led the gains among financials, rising 1.3 percent. Oil and gas producer Woodside lost half a percent, Santos fell 0.8 percent and Oil Search ended down 0.6 percent.
South Korea's Kospi average climbed 1.7 percent, with banking, auto, tech and airline stocks leading the gains amid easing worries over global economic uncertainties. Hynix Semiconductor jumped 5.9 percent, Samsung Electronics rose 2.5 percent, Hyundai Motor rallied 3.6 percent, Kia Motor soared 4 percent, Korean Air Line jumped 4.3 percent and Asiana Airlines added 3.1 percent.
Among oil-related stocks, S-Oil fell 1.4 percent and SK Innovation slumped 4.4 percent ,after the 28-member International Energy Agency decided to release emergency oil reserves for the third time in history, sending crude prices tumbling 4.6 percent overnight.
New Zealand's benchmark NZX-50 eased 0.2 percent, with Telstra Corp. leading the declines after the company signed an A$11 billion agreement with the Australian government to enable access to its existing network and infrastructure. Shares of the Australian telecom giant ended down 2.7 percent. Fisher & Paykel Healthcare, which generates more than half of its sales in U.S. dollars, fell 2.5 percent, weighed by the elevated level of the New Zealand dollar. New Zealand Oil & Gas, the energy exploration and production company, lost 2.4 percent after oil prices tumbled.
Outdoor clothing and equipment retailer Kathmandu Holdings closed 4.6 percent higher on the buzz that the colder-than-expected winter in Australia will push up sales. Heavyweight Telecom rose 1.2 percent after the TSO Amendment Bill, the law that sets out the requirements for the nation's biggest phone company to split from its network arm-Chorus, passed its third reading in parliament.
India's Sensex was last trading 2.7 percent higher, helped by increased buying by funds, as a sharp fall in crude prices eased inflation and interest rate worries. Elsewhere, Indonesia's Jakarta Composite was up 0.7 percent and Singapore's Straits Times rose 0.9 percent, while Malaysia's KLSE was little changed and the Taiwan Weighted dropped 0.4 percent.
U.S. stocks recovered from a steep early decline to finish on a mixed note overnight, shrugging off a report showing an uptick in weekly jobless claims.
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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.