Asian shares up before key data release next week

Asian shares up before key data release next week

Asian shares closed on a two month high on Friday, making the most of the calm before key economic data is released next week.

Japan’s Nikkei index closed up 1.08 percent, with a weaker yen against the dollar helping to fuel the markets.

Hong Kong’s Hang Seng index was 0.5% higher in afternoon trade, and the Shanghai Composite rose 0.9% to 3,366.56.

However, several sets of economic data is due to be released next week, including Japanese exports which are expected to rise only modestly for September.

Japan’s economy has been increasingly hit by the situation in China, and analysts are awaiting data to see whether the country will avoid being dragged into recession. A Reuters poll expects imports to fall 11.7 percent in September, down for the ninth month in a row.

Economic growth data for China is also being released on Monday, and is expecting to show that growth in the world’s second-largest economy has fallen to 6.5 percent in the third quarter, falling below 7 percent for the first time since the global financial crisis.