SINGAPORE — Stocks in the Asia-Pacific region were up on Friday as investors weigh down recession fears.

Hong Kong’s Hang Seng Index jumped 1.47%, with the Hang Seng Tech Index rising around 3%. SenseTime jumped 6.57% and Xpeng 9.21%.

Logistics company GoGoX hit 23.15 Hong Kong dollars ($2.95) on its debut in the city and last traded at 22.40 HK dollars, against the price offer of HK$21.50.

In Japanese markets, the Nikkei 225 rose almost 1%, while the Topix climbed 0.56%.

SoftBank Group Chief Executive Masayoshi Son said on Friday that chip designer Arm was primarily likely to list on Nasdaq, although the decision was not final, Reuters reported.

“Most of Arm’s customers are based in Silicon Valley and … US stock markets would love to have Arm,” Son said at the company’s annual general meeting, according to Reuters. Softbank shares rose 2.68%.

Mainland China markets have increased. The Shanghai Composite gained 0.44% and the Shenzhen Component rose 0.92%.

The South Korean Kospi gained 1.85% and the Kosdaq rose 4.43%.

The S&P/ASX 200 in Australia rose 0.26%. The New Zealand market is closed for a public holiday on Friday.

MSCI’s broadest Asia-Pacific equity index rose 0.92%.

Over the next three to six months, we’re going to find out what it’s all about – whether we’re going to ride out the recession or go much further than that.

Viktor Shvets

Head of Global and Asian Strategy at Macquarie Capital

Markets will regain greater stability when leading indicators and inflation data start to bottom out, said Viktor Shvets, head of global and Asia strategy at Macquarie Capital.

“Right now the markets are much more petrified by recession than inflation,” he told CNBC’s “Street Signs Asia.”

“I think in the next three to six months we’re going to figure out what it is – whether we’re going to get around the recession or go much further than that,” he added.

Core consumer prices in Japan rose 2.1% for the month of May from a year earlier, in line with estimates, according to Reuters. This is above the Bank of Japan’s 2% inflation target. However, consumer prices rose only 0.8% if fresh food and energy were removed, Reuters said.

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Looking ahead, Reserve Bank of Australia Governor Philip Lowe is also expected to speak on inflation later today.

Overnight in the United States, stocks rose in a late-day rally amid recession fears. Several major banks this week raised their expectations of a recession.

The Dow Jones Industrial Average climbed 194.23 points, or 0.64%, to 30,677.36. The S&P 500 rose 0.95% to 3,795.73 and the Nasdaq Composite gained 1.62% to 11,232.19.

Currencies and Oil

The US dollar index, which tracks the greenback against a basket of its peers, was at 104.293.

The Japanese yen strengthened to 134.67 to the dollar, recovering from levels of 136 against the greenback earlier this week. The Australian dollar was at $0.6903, after mostly trending lower this week.

The main driver of currency markets right now is how central banks manage recession risk, said Tan Teck Leng, APAC FX and macro strategist at UBS Global Wealth Management.

“We have gone from being the most hawkish and therefore supportive of the currency, to a situation where the market is worried about excessive tightening and a potential risk of recession hanging over currency markets,” he said. he told CNBC’s “Street Signs Asia.”

Oil futures were little changed after rising earlier in Asian trading. U.S. crude futures gained 0.1% to $104.37 a barrel, while international benchmark Brent crude lost 0.12% to $109.92 a barrel.