Asian stocks turn positive, headed for a weekly gain

The Asian equity markets opened on a weaker footing on the final trading day of the week, tracking the negative lead from the Wall Street overnight. Although the region’s indices quickly regained poised and flipped to gains amid increased hopes of an extended period of ECB accommodation to persist after yesterday’s ECB decision.

However, the upside remains capped on the back a broadly stronger US dollar, which weighs down on oil prices, eventually affecting the energy and resource sector stocks. While the Australian stocks ditch their Asian counterparts and keep mild losses, weighed down by a retreat in energy shares.

Meanwhile, Japan’s Nikkei 225 rises +0.22% and trades near half-yearly highs of 17,298. The Australian S&P/ASX 200 loses -0.15% to 5,434. The Chinese equities edge higher, with the benchmark Shanghai Composite index up +0.37%, while CSI300 index trades +0.52% higher. Hong Kong markets trade muted around 23,370 levels.