Fundamental analytics

Low activity in Asian markets as Lunar New Year holiday is here

Asian stock indexes traded mostly in green territory following solid gains on Wall Street in the prior session, but many markets remained close in observance of the Lunar New Year holiday.

China, Hong Kong, South Korea, Taiwan, Malaysia and Vietnam were closed.

Tokyo’s Nikkei 225 added more than one percent as the yen extended against against the dollar. However, the greenback remained supported by up best US inflation data.

In parallel, Japanese Prime Minister Shinzo Abe administration extended Bank of Japan Governor Haruhiko Kuroda for another five-year period in the job.

Wall Street top indexes were higher on Thursday, adding to prior gains as sentiment continued to improve, despite a softer dollar and with upbeat inflation data on the support side.

The Labor Department said jobless claims rose by 7,000 to a seasonally adjusted 230,000.

The Labor Department also said its producer price index rose 0.4 percent in January following a 0.1 percent fall in December. In the twelve months through January, the PPI added 2.2 percent.

<<< Asian Stock Indexes at 05:50 GMT >>> 

Australia ASX S&P -3.90 -0.06% 6,004.80

Japan Nikkei 225 +255.27 +1.19% 21,720.25

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Investors will be mainly looking at UK retail sales for January, which are set for release as of 09:30 GMT, with an estimated monthly growth rate of 0.5 percent.

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Focus will be directed to real estate market data. Building permits for January and housing starts are up at 13:30 GMT. Later on, Michigan University will release its consumer expectations and consumer sentiment gauges for February at 15:00 GMT.