Positive data lifts Asian stocks Friday 4:00 BST. Asian stocks are set for a positive end to the week as data from China, Japan and the US boosted confidence in the region. Hong Kong's Hang Seng index was up 0.1 per cent, with the Shanghai Composite up 0.1 per cent and the CSI 300 tracking Shanghai and Shenzhen stocks up 0.3 per cent. Overnight the US reported a bigger than expected fall in weekly jobless claims. Before markets opened on Friday morning, China then reported strong growth in industrial profits, which grew 24.2 per cent in August year on year, up from 11.2 per cent growth in July. A delay to the US Federal Reserve's tapering "together with cheaper valuations, lighter positioning, and a nascent recovery in global manufacturing . . . should create a more balanced sentiment towards EM assets after the summer sell-off," wrote analysts at Barclays in a note to clients. Japan also reported overall consumer price inflation of 0.9 per cent for August, in line with expectations but its highest since November 2008. Much of that, economists said, could be attributed to a weaker yen rather than an uptick in demand. "The ongoing rise in inflation is still mostly a reflection of the slump in the exchange over the past year," wrote economists with Capital Economics. Japanese markets were mixed throughout the morning, but down slightly at midday. The Topix index was down 0.1 per cent, with the Nikkei 225 down 0.3 per cent. Korea's Kospi was up 0.2 per cent and Taiwan's Taiex index was up 0.4 per cent. Late on Thursday, Taiwan's central bank held interest rates amid continued uncertainty over recent global economic growth. "The recent pickup in export growth has not been sufficiently strong to lift manufacturing production . . . even so, we note that momentum is still gradually trending up.," said HSBC economist Ronald Man. In Hong Kong, Huishan Dairy - one of the first listings in Hong Kong in many months - fell 6.7 per cent in its first day of trading. Other movers in that market include China Mobile, up 0.7 per cent amid renewed rumours that it will soon agree a contract with Apple to start distributing the new iPhone 5s and 5C. But amid the positive moves there remained nagging concerns about the lack of progress in budget and debt negotiations in Washington which weighed on investor sentiment in the US amid the fear of a possible US government shutdown next week. Additional reporting Dave Shellock in London