Asian shares edged cautiously higher on Monday as U.S. stock futures made early gains, though investors were wary of bearish surprises in a batch of Chinese economic data due out later.
gained 0.7% as data showing economic activity shrank by more than expected in the third quarter only reinforced the case for aggressive fiscal stimulus.
Analysts at BofA noted 75% of U.S. companies had beaten earnings estimates in the latest reporting season but forecasts for the fourth quarter were only flat, breaking more than a year of rising expectations. "If inflation stays high and comes in above the planned overshoot, the Fed will need to become much more hawkish and either accept a market correction or deliberately induce such a correction," warns Harris.
Inflation concerns kept gold in demand at $1,865 an ounce , after notching its biggest weekly gain since May.
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