Asian shares exhibited varied performance on Friday, reflecting the newly released economic data from the U.S. and China.
The Federal Reserve's favorite U.S. inflation indicator showed it's slowest growth almost in three years, triggering expectations of a possible rate cut in June by the Fed. Meanwhile, China released mixed economic data that upped the ante for policymakers to introduce additional stimuli.
An official survey displayed that China's factory production decreased for the fifth consecutive month in February. However, the unofficial Caixin survey opposed this data, as it indicated an increase in production and new orders during the same month.
While non-manufacturing activity saw a spike in February, the continuous depression in home sales, despite increased support from regulators, adversely affected the already distressed property market.
The Shanghai Composite index of China inched up by 0.39 percent, settling at 3,027.02 following an unstable session. The forthcoming week will witness the congregation of the National People's Congress, where the annual GDP growth target will be announced.
Japan's marketplace experienced a record hike as tech-related shares soared in light of the anticipated U.S. rate-cut in June. The Nikkei average increased 1.90 percent, establishing a new closing record of 39,910.82, while the wider Topix index also posted gains.
Meanwhile, the well-being of Japan's manufacturing sector continued to worsen in February, with the unemployment rate sticking at 2.4 percent from January.
South Korean financial markets remained closed in light of a public holiday.
In contrast, Australian markets saw a significant increase, thanks to the contributions by energy, mining, and technology stocks. The benchmark S&P/ASX 200 added 0.61 percent, setting a second consecutive record high and closing at 7,745.60. The All Ordinaries index too advanced 0.60 percent, ending at 8,007.10.
Syrah Resources, a graphite producer, jumped 13.1 percent after signing an offtake agreement with South Korea's Posco Future M.
New Zealand's S&P/NZX 50 index registered a marginal rise, finishing at 11,744.39.
U.S. stocks wavered but ended in positive territory due to ease in rate concerns caused by weak data. The number of jobless claims for the week surpassed expectations, and unexpectedly, pending home sales for January dropped. The Federal Reserve's favored inflation metric slipped a bit on a yearly basis in January, as expected.
Both the Nasdaq Composite and the S&P 500 rose, reaching new record closing highs, while the Dow saw a slight increase.
