Asian markets follow Wall St up but headed for annual loss
Asian stock markets have followed Wall Street higher following encouraging U.S. employment data but are headed for double-digit losses for the year BEIJING -- Asian stock market s followed Wall Street higher on Friday following encouraging U.S. employment data but were headed for double-digit losses for the year. Shanghai, Tokyo, Hong Kong and Sydney advanced. Oil prices edged higher. Wall Street's benchmark S &P 500 index gained Thursday after the number of people applying for unemployment benefits rose only slightly last week despite repeated interest rate hikes to cool inflation by slowing economic activity. “Considering the market news was sparse, the shift higher has the hallmarks of a dead cat bounce,” said Stephen Innes of SPI Asset Management in a report. The Shanghai Composite Index gained 0.6% to 3,092.50. The Chinese benchmark is on track to end 2022 down more than 14% after the world's second-largest economy was depressed by anti-virus controls and a crackdown...