This is CNBC’s live blog covering Asia-Pacific markets.
Asia Pacific markets opened mixed on Friday as investors awaited data from major economies across the region.
Japan is due to release its industrial production data and China is preparing to release its official purchasing managers’ index for May.
South Korea’s industrial production index rose 2.2 percent in April from the previous month on a seasonally adjusted basis, beating the 1.1 percent increase forecast in a Reuters poll.
Hong Kong Hang Seng Index futures were at 18,041., This represents a lower opening compared to the HSI’s closing price of 18,230.19.
Japan’s Nikkei 225 futures traded at 38,035 in Chicago and 38,110 in Osaka. The index’s final closing price was 38,054.13.
In Australia, S&P/ASX 200 futures opened higher at 7,705 compared to the previous close of 7,628.2.
Overnight, Wall Street’s main stock indexes closed lower as investors awaited the release of a key US inflation measure.
The Dow Jones Industrial Average lost 330.06 points, or 0.86%, the S&P 500 lost 0.6% and the Nasdaq Composite lost 1.08%.
The latest reading of the Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred gauge of inflation, is due to be released on Friday, and Dow Jones estimates that prices are expected to have risen at an annualized rate of 2.7% in April.
—CNBC’s Alex Harring and Hakyung Kim contributed to this report.
CNBC Pro: ‘Lots of happy returns’: Barclays names two global stocks with 100%+ upside potential right now
Investment bank Barclays said it was mainly due to “strong, above-expected profit performance and [an] Increase in EPS [earnings per share revisions]” in the first quarter.
“Overall, margins are solid, returns on capital are strong, corporate optimism is high and EPS revisions are trending up. Cyclical stocks are seeing increasing upward revisions, but defensive stocks have performed well in the recent rally,” the analysts wrote, naming two stocks that are currently poised to rise by more than 100%.
CNBC Pro subscribers can find more details here.
Amala Balakrishner
CNBC Pro: Goldman Sachs reveals top global stocks poised to power future power booms in areas like AI
The boom in artificial intelligence is driving up demand for electricity, and many technology companies are competing for leadership in rapidly developing infrastructure.
Large language models require huge amounts of data center capacity, which will only increase demand for electricity over the next few years.
But the need for power goes beyond data centers and other infrastructure, according to Goldman.
Against this backdrop, the bank has introduced a basket of 50 power and electrical stocks from China, South Korea, Taiwan, India and Australia.
CNBC Pro subscribers can find more details here.
Wei-Jen Tan
“April showers bring May flowers,” says LPL Financial
The S&P 500 is up 4.6% so far this month, on pace for its sixth-best May since 1950, according to LPL Financial. The market’s recovery after April’s sell-off makes “‘April showers bring May flowers’ a better market metaphor than ‘sell in May and walk away,'” said Adam Turnquist, chief technical strategist at LPL Financial.
Turnquist noted that summer seasonal trends make June a slow month for the market: Since 1950, the composite market index has risen just 0.1% on average in June, with only 55% of months seeing positive results.
— Kim Hagyeong
