ASX 200 jumps 1% alongside gains in Asian peers

• Australian stocks rise as retail sales post double-digit gains in May. 
• Asian indices ignore the rising coronavirus cases in the US. 

Australia's benchmark equity index ASX 200 is leading the way higher for the Asian markets on Friday.

At press time, the ASX 200 is trading 1% higher on the day, while Japan's Nikkei index is up 0.16%. Meanwhile, stocks in New Zealand and China are up 0.6% and 0.3%, respectively. However, Hong Kong's Hang Seng and South Korea's Kospi are reporting moderate losses alongside marginal gains in the S&P 500 futures. 

Australian stocks may have received a boost from the upbeat retail sales released at 01:30 GMT. Consumer spending, as represented by retail sales, jumped 16.3% in May, having declined by 17.7% in the preceding month. The partial easing of coronavirus lockdown in May likely fueled revenge spending, causing a big rise in retail sales. 

Most other Asian indices are trading in the green, possibly on hopes that the record fiscal and monetary stimulus launched by governments and central banks across the globe would help the global economy absorb shock from the potential second wave of the coronavirus outbreak. 

The U.S. Centers for Disease Control and Prevention (CDC) on Thursday reported an increase of 22,834 new virus cases and said that the number of deaths had risen by 754 to 117,632. 

Besides virus scare, geopolitical tensions are another factor that could play spoilsport. Talks in Hawaii between US Secretary of State Mike Pompeo and China’s top diplomat Yang Jiechi ended on a sour note with Pompeo accusing China of not being forthcoming during discussions. Also, even if talks continue, their differences over Hong Kong and Xinjiang issues will keep the geopolitical risks high, as noted by FXStreet's Anil Panchal.