Asian Stocks to Rise as US Recession Fears Fade: Markets Wrap

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(Bloomberg) -- Equities in Asia were primed for gains Friday after robust US jobs and spending data eased recession concerns and fueled a rally in...

-- Equities in Asia were primed for gains Friday after robust US jobs and spending data eased recession concerns and fueled a rally in stocks.Share futures for Australia and Hong Kong were up around 1%, and contracts for Tokyo’s Nikkei 225 climbed almost 3%. The S&P 500 ended Thursday 1.6% higher, while the tech-heavy Nasdaq 100 rose 2.5%, as retail sales data beat estimates and jobless claims hit the lowest since early July.

As stocks rose, US government bonds fell alongside expectations for aggressive Fed easing. Swaps market pricing now has three 25 basis point cuts priced in across the Fed’s remaining 2024 meetings, down from the four expected earlier in the week. Walmart Inc. — a barometer of growth — jumped on a solid outlook. Applied Materials Inc., the largest US maker of chip-manufacturing equipment, gave a sales forecast in late US hours that met estimates.

 

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