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Stocks surge in Asia as US averts default, Fed pause bets rise

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SINGAPORE : Asian stocks jumped on Friday on increasing expectations that the Federal Reserve might stand still on rates and after the U.S. Senate passed legislation lifting the government's $31.4 trillion debt ceiling, avoiding a catastrophic default.MSCI's broadest index of Asia-Pacific shares outside J

SINGAPORE : Asian stocks jumped on Friday on increasing expectations that the Federal Reserve might stand still on rates and after the U.S. Senate passed legislation lifting the government's $31.4 trillion debt ceiling, avoiding a catastrophic default.

The Senate voted 63-36 to approve the bill that was passed on Wednesday by the House of Representatives, as lawmakers raced against the clock to avert what would have been a first-ever default. The Treasury Department had warned it would be unable to pay all its bills on June 5 if Congress failed to act.

Markets are now pricing in a 20 per cent chance of the central bank hiking by 25 basis points compared to a 50 per cent chance a week earlier, according to the CME FedWatch tool. The spotlight will be on the Labor Department's closely watched unemployment report for May, due later on Friday. The data will help determine whether the Fed sticks with its aggressive rate hikes.

Australia's S&P/ASX 200 index rose 0.42 per cent, while Japan's Nikkei was 1 per cent higher, continuing its hot run.

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