Singapore/New York — Asia’s stock markets bounced on Friday after Wall Street’s lead, but were set for their softest week in about a month as investors grapple with tepid economic data and lofty valuations after a huge rally that has wiped out coronavirus losses.
In the absence of a disaster, he said, upward drift is probably the most likely direction, though perhaps with less conviction than the exuberance that has driven world stocks up 50% from March troughs. Investors are looking ahead to purchasing managers’ index surveys across Europe, Britain and the US — where steady, slightly positive, readings are expected — for the next broad gauge of the recovery’s progress.
Currency traders are increasingly focused on an address next Thursday by Federal Reserve chair Jerome Powell in case he reveals any details of an expected shift in policy emphasis — especially around inflation — that were absent in the minutes.
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