Asian stock markets mostly higher

Asia-Pacific stocks were broadly higher on Friday, following Wall Street’s moves as the U.S. producer price index gave further signs that inflation is cooling. The March producer price index, a measure of prices paid by companies and often a leading indicator of consumer inflation, fell 0.5 percent on the month. The Monetary Authority of Singapore maintained its monetary policy as core inflation remained at a 14-year high. Preliminary estimates showed the economy contracted 0.7 percent in the quarter and grew marginally 0.1 percent on the year. Australia’s S&P/ASX 200 rose 0.26 percent and Japan’s Nikkei 225 rose 1 percent and Topix rose 0.4 percent. South Korea’s Kospi rose 0.14 percent, the Kosdaq rose 0.9 percent and North Korea fired another missile into the waters between Korea and Japan. In Hong Kong, the Hang Seng index rose 0.6 percent, while the Hang Seng Tech index fell. In mainland China, the Shanghai Composite Index rose 0.5 percent and the Shenzhen Component Index added 0.4 percent. In the U.S., all three major indexes rose overnight, with the S&P 500 rising 1.33 percent for its highest close since February. The Nasdaq Composite added 1.99 percent and the Dow Jones Industrial Average added 1.14 percent.