Asia stocks gain, dollar drifts as inflation tests await

SINGAPORE - Asian stocks rose on Friday and were poised for the fourth month of gains, while the dollar drifted lower, keeping the yen steady as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally.

Japan's Nikkei was up 0.20% and is flat for the month. China stocks also rose, with the blue-chip index up 0.23% while Hong Kong's Hang Seng index spiking 1.3% higher. Tony Sycamore, market analyst at IG, said the market is taking a more cautious approach to the European and U.S. PCE inflation data after upside surprises in Australia and German inflation reports earlier this week.

The Japanese authorities have been relatively restrained in their recent verbal warnings, possibly waiting for weaker U.S. economic data and a shift in Fed policy to support the yen, according to Charu Chanana, head of currency strategy at Saxo. But with the Fed looking likely to cut rates only towards the end of the year, the frail yen has been caught in the crosshairs of the vast gap between U.S.

The euro last fetched $1.0828 ahead of inflation report from euro zone that is set to influence the European Central Bank's policy path. The central bank is all but certain to cut rates in June but what comes after that remains uncertain.In commodities, oil prices eased after a surprise build in U.S. gasoline stocks weighed on the market. Brent futures was down 0.31% at $81.61 a barrel, while U.S. West Texas Intermediate crude CLc1 was down 0.36% at $77.63.

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