Asian Stocks Rebound After Upbeat US Economic Data: Markets Wrap

-- Asian stocks closed in on a fourth month of gains, lifted by hopes of a soft landing for the US economy and the prospect of lower interest rates.Equities in Australia, Hong Kong and Japan rose, as did US futures, as traders awaited publication of the Federal Reserve’s preferred inflation gauge later in the day. Shares in China also advanced.

“The US economy looks like it’s moving from very strong to strong,” said Thomas Taw, BlackRock’s head of APAC investment strategy, told Bloomberg TV. “The data will continue to weaken, but you kind of have to marry that off with how much is inflation going to weaken in the US.” In commodities, oil steadied after jumping on Thursday on positive US economic data and worsening supply disruptions in Libya. Gold held near a record high.The euro was unchanged at $1.1077The yield on 10-year Treasuries was little changed at 3.86%Spot gold fell 0.1% to $2,517.

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