SINGAPORE : Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets. The U.S. Senate is on track to pass a bill to lift the g
SINGAPORE : Asian stocks surged on Friday as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets.
MSCI's broadest index of Asia-Pacific shares outside Japan spiked 1.13 per cent higher. Australia's S&P/ASX 200 index rose 0.57 per cent, while Japan's Nikkei was 0.71 per cent higher. Harry Ottley, an economist at Commonwealth Bank of Australia, said the signs of slowing wage pressure has raised hopes that the Federal Reserve will pause raising interest rates in two weeks.
Focus now shifts to the Labor Department's closely watched unemployment report for May, due on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes. The yield on 10-year Treasury notes was up 0.2 basis points to 3.610 per cent, while the yield on the 30-year Treasury bond was down 0.6 basis points to 3.829 per cent.
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