Asian stocks are slowly gaining

Asian stocks edged higher on Friday morning. Markets had calmed after the European Central Bank made a record hike in interest rates and the Federal Reserve Board raised prospects for aggressive monetary tightening. Fed Chair Jerome Powell said Thursday the bank was “firmly committed” to controlling inflation. Rate hikes would continue. “We now expect a 50 basis point hike in November, albeit a close decision,” Barclays analysts said.

The Tokyo stock exchange initially showed itself stronger on Friday. The Nikkei index, which comprises 225 stocks, was 0.3 percent higher at 28,157 points. The broader Topix index rose 0.4 percent to 1,965 points. The Shanghai stock exchange was up 0.3 percent. The index of major companies in Shanghai and Shenzhen gained 0.8 percent.