Asian shares up but global equities miss record

SHANGHAI Asian shares went up early on Friday, but a gauge of global equities remained set for its longest weekly losing streak on record, despite investor worries about sluggish growth.

The broadest index of Asia-Pacific shares outside Japan was built on early gains after the cut, and was last up 1.4 percent.

Hong Kong's Hang Seng Index jumped more than 2 percent, while Australian shares rose 1.3 percent. The Nikkei stock index gained 1 percent in Tokyo.

Despite the gains in Asian shares, the All-Country World Price Index of MSCI remained in the red for the seventh week in a row, the longest stretch since its inception in 2001. It would be the longest and longest back-tested data to date to January 1988.

Concerns over battered supply chains' impact on inflation and growth have prompted investors to dump shares, with Cisco Systems Inc falling to an 18 month low on Thursday after it warned of persistent component shortages.

The Dow Jones Industrial Average fell 0.75 percent, the S&P percent fell and the Nasdaq Composite fell by 0.26 percent after a late rally on Wall Street petered out.

The US government bond yields went up as a result of the shift in risk appetite in equities.

The US 10-year yield rose to 2.8677 percent last year, up from a close of 2.855 percent on Thursday, while the two-year yield rose to 2.6364 percent compared to a US close of 2.611 percent.

The dollar index was 0.08 percent higher at 102.99 in currency markets, as the safe-haven yen fell against the dollar. The dollar was up 0.23 percent against the Japanese currency, and the euro was 0.14 percent lower at $1.0571.

China's onshore yuan fell by a quarter of a percent to 6.726 per dollar, and the more freely traded offshore yuan weakened past 6.74 per dollar.

Concerns over economic growth, as well as crude pared losses, kept oil prices lower. Brent crude was down 0.37 percent to $111.63 per barrel, and US West Texas Intermediate crude was 0.19 percent lower at $112 per barrel.

Spot gold fell by 0.2 percent to $1838 per ounce.