Asian indices track Wall St gains

New York: Asian stocks were higher Friday after US stocks rallied Thursday in Wall Street’s latest sharp swerve after a better-than-expected report on unemployment eased worries about the slowing economy.

US futures and oil prices rose. In Tokyo, the Nikkei-225 index was up 1.6 per cent at 35,380.23. The yen again fell under pressure after three days of rising against the dollar, giving a lift to Japanese stocks that often rise when the yen falls. Earlier this week, weaker-than-expected employment data from the US raised concerns about a slowing economy where the Federal Reserve has kept the high interest rates that aim to stifle inflation for too long. That tipped off a sell-off in global markets, with the scale of the declines amplified as investors unwound their yen carry trade positions.

On early Friday trading, the US dollar rose to 147.15 Japanese yen from 147.24 yen. The euro cost $1.0924, up from $1.0918. China’s inflation came in higher than expected in July, with the consumer price index rising 0.5 per cent compared to the same period a year earlier, boosted by food prices which are no longer dragging on inflation and were flat last month.