People walk by an electronic stock board at a securities firm in Tokyo, May 8.
Photo: Eugene Hoshiko/Associated PressInternational shares rose, tracking gains in U.S. stock markets that pushed the tech-heavy Nasdaq Composite Index back into positive territory for the year.
By late morning Friday in Hong Kong, the city’s Hang Seng had gained 0.6%.
Japan’s Nikkei 225 rose 1.5%, and South Korea’s Kospi Composite added 1.2%. Australia’s benchmark S&P/ASX 200 and the Shanghai Composite both gained less than 1%.
E-mini S&P 500 futures rose 0.9%.
U.S. stocks broadly rose Thursday, boosted in part by a continued decline in the number of U.S. workers filing unemployment claims. The Nasdaq Composite added 1.4%, with PayPal Holdings jumping 14% after the digital payments company reported a sharp increase in new active accounts.
Khiem Do, head of Greater China Investments at Barings, said a gulf had opened up between digital-economy companies specializing in areas such as online games, shopping or entertainment, which were doing extremely well, and the old economy, which was hard hit by the pandemic. “There are two worlds operating simultaneously,” he said.
In Asia, Chinese game and social-media giant Tencent Holdings Ltd. is up more than 8% this year, according to FactSet, outperforming Hong Kong’s Hang Seng Index.
However, Mr. Do said traditional economic activity was likely to start recovering in the second half of the year, pointing to resumption of business activity in Asian countries such as China and South Korea.
Mr. Do said the recent recovery in stocks had divided investor opinion, with many investors holding cash to guard against any future market corrections, while others have jumped back into a rising market.
His asset-management firm predicts earnings per share in Asia will drop about 20% in 2020, in line with the rest of the world, but he said this had already been priced in.
In bond markets, the yield on the 10-year U.S. Treasury note rose to 0.643% from 0.630%. Yields move inversely to bond prices. The yield on the two-year equivalent rose slightly to 0.135%, according to Tradeweb, after settling at a record low on Thursday.
Brent crude, the global oil benchmark, edged up 1.2% to $29.81 a barrel.
Write to Xie Yu at Yu.Xie@wsj.com
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