On Friday, Asian stocks saw an increase, stimulated by signs of a slowing labor market in the US, which spurred hopes for domestic rate cuts within the year. However, anticipation over next week's vital US inflation data, which may provide an insight into the Federal Reserve's rate path, restricted the upward trend.
Despite hitting a more than two-week low on Thursday following the Bank of England signaling potential summer rate cuts if inflation remains low, the British pound recovered some losses.
Israeli Forces advanced in Rafah, the southern Gaza city, leading Gold and oil prices to prepare for a weekly gain despite significant international controversy.
Chinese stocks remained largely unchanged buoyed by optimism related to economic recovery and reports suggesting that the Biden administration plans to revise its China tariff scheme by next week. The benchmark Shanghai Composite index saw a marginal increase, concluding at 3,154.55.
News of regulators thinking over a proposal to eliminate individual investors' tax payments on dividends earned from Hong Kong stocks purchased via Stock Connect propelled Hong Kong's Hang Seng index to jump 2.30 percent to 18,963.68.
Japanese markets enjoyed slight gains spurred by positive earnings reports. The Nikkei average grew 0.41 percent to 38,229.11, and the broader Topix index settled up at 2,728.21 with a 0.54 percent increase. Standouts in the gaming industry included Konami Group with a 9.3 percent surge, Bandai Namco Holdings with a 5.6 percent increase, and Nintendo with a 3.3 percent rise. Meanwhile, Electrical equipment manufacturer Daikin Industries saw an 8.2 percent jump.
Hopes for US rate cuts buoyed the Kospi average in Seoul stocks to rise by 0.57 percent to 2,727.63.
Australian markets saw a modest increase led by banks and energy stocks. The benchmark S&P ASX 200 saw a minor rise of 0.35 percent to 7,749, while the broader All Ordinaries index experienced a 0.36 percent increase settling at 8,022.70. The big four banks saw rises of between 0.4 percent and 1.3 percent. In the energy sector, Woodside Energy Group climbed by 1.9 percent and Santos by 2.1 percent.
In New Zealand, the benchmark S&P NZX-50 index saw a minor rise to 11,755.17 after a survey representing early signs of recovery in the country's manufacturing sector was published in April.
An increase in the number of Americans filing for new unemployment claims was registered last week reaching its highest level in over eight months. This development has raised expectations for Federal Reserve rate cuts. This news allowed US stocks to make significant gains.
The Dow climbed by 0.9 percent, reaching an over one-month closing high and extending its winning streak to a seventh straight session. Concurrently, the S&P 500 gained half a percent while the tech-heavy Nasdaq Composite slightly increased by 0.3 percent.
