International Finance: Asia follows Wall Street higher in risk-on rally: markets wrap

The data follows a hotter-than-expected inflation print on Tuesday and comes ahead of US employment data to be released on Thursday that is expected to show an uptick in jobless claims.

The market “is telling us maybe we can keep going as long as inflation is coming down overall and growth is solid”, Quincy Krosby, chief global strategist for LPL Financial, said in an interview with Bloomberg Television. The rally in risk assets helped propel some of the most speculative corners of the market. A Goldman Sachs Group benchmark of non-profitable tech companies rose 4.4% and is up almost 30% this year. Bitcoin rose further after jumping 8.7% on Wednesday, the most in three months, to reach the highest level since August.

“Everybody is trying to figure out whether this is going to be a once-in-a-lifetime soft landing or if it’s just taking longer before we get a panic recession,” Jerry Braakman, chief investment officer of First American Trust, said in an interview. “That’s why you’re seeing a lot of divergence between bulls and bears.”

Oil futures climbed slightly following a decline on Wednesday after EIA reported that crude inventories rose over 16 million barrels last week.revenue prediction that suggested that spending on tech infrastructure is holding up better than expected. Devon Energy fell more than 10% after fourth-quarter earnings missed estimates.

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