Asian stocks mixed in Asia

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Asian stocks mixed in Asia

SYDNEY, NSW, Australia stocks were mixed in Asia on Friday, with moves in either direction limited.

There are investors concerned about surging inflation and the likelihood of frequent interest rate hikes. A higher rate environment that takes place through the hiking cycle will benefit value compared to growth equities and provide a more constructive outlook for sectors like financials, said Clara Cheong, a Singapore-based strategist at J.P. Morgan Asset Management.

The U.S. dollar was well bid.

In Japan, the Nikkei 225 advanced 97.23 points or 0.36 percent to 21,985. The Australian All Ordinaries gained 37.20 points or 0.48 percent to 7,772. In New Zealand, the S&P NZX 50 fell 9.64 points or 0.08 percent to 12,066. The Hang Seng in Hong Kong was down by 30 points at the time of writing.

The euro fell during Asian trading on Friday. It was last traded in Sydney at 1.0863. The British pound fell to 1.3059. The Japanese yen was lower to 124.06. The Swiss franc slowed to 0.9347.

The Australian dollar fell to 0.7477. Overnight on Wall Street, Dow Jones Industrials increased by 87.06 points or 0.25 percent to 34,583. The Standard and Poor's 500 added 19.06 points or 0.43 percent to 4,500. The Nasdaq Composite gained 8.48 points or 0.06 percent to 13,897, up 8.48 points or 0.06 percent.