Asian stocks notch two-week peak as focus turns to PMIs

SINGAPORE : Asian stocks crept to two-week highs in cautious trade Tuesday, helped by hints of progress toward avoiding a U.S. default and by resilience in Japan's economy, with industrial sector surveys in Europe and the United States in focus later in the day.

"The resumption of debt ceiling negotiations spurred some hopes despite distinct risks of brinkmanship and blame-shifting remaining on the cards," said Mizuho economist Vishnu Varathan. Ten-year and two-year U.S. yields are near highs not seen since March, as traders start pushing back expectations for U.S. rate cuts from July towards November or December.

Japan's manufacturing activity expanded for the first time in seven months in May, survey data on Tuesday showed, while the service-sector hit record growth, as the post-COVID recovery gains traction.

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Marketmind: PMIs could knock stocks off highsA look at the day ahead in Asian markets from Jamie McGeever.Creeping optimism that a deal will be reached over the U.S. debt ceiling standoff looks to be just about enough to sustain investors' risk appetite, although Asian markets on Tuesday could be vulnerable to a reversal. Flash purchasing man
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