Stocks in Asia gained on Friday, following US equities higher after a rally in tech shares helped investors shake off mixed economic data that suggested a path to a soft landing, but the risk of recession persists.
An Asian equity gauge was headed for a fifth weekly advance and its highest close since April, supported by gains in Japan, South Korea and Australia.
The S&P 500 closed at the highest level in more than a month, reflecting a jump in tech stocks. The Nasdaq 100 rose 2% to the highest level since September, led by an 11% gain for Tesla as Elon Musk teased potential for the carmaker to produce 2 million vehicles this year. “The latest Tokyo inflation report underscores rising price pressure and that could continue to drive speculation of another monetary policy adjustment by the Bank of Japan and further Japanese yen strength,” said Fiona Lim, senior currency analyst at Malayan Banking in Singapore.
The Federal Reserve is expected to boost rates by 25 basis points next week amid bets the central bank is approaching the end of its tightening cycle. Yet officials are signalling that rates will stay high through the rest of this year.
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