Record-breaking Black Friday sales in the United States have sent the MSCI Asia Pacific Index towards its biggest gain in two weeks. This is great news for exporters, and commodity pool operators.
The results of the Black Friday sales proved, according to Naoki Fujiwara of Shinkin Asset Management, that the U.S. is “in a mild recovery, and consumer’s purchasing power isn’t something to be pessimistic about. But with employment looking bleak, it’s uncertain whether the strong spending will continue.”
Alumina Ltd. increased 6.4% in Sydney, and Japan’s top energy explorer Inpex Corp jumped 3.8%. Hong Kong’s Li & Fung, a clothing and toy supplier with 65% of its sales based in the U.S., rose 8.8% as well.
Japan’s Nikkei 225 Stock Average rose 1.6%, and Australia’s S&P/ASX 200 increased 1.9%, too. South Korea’s Kospi Index and Hong Kong’s Hang Seng Index both rose as well.