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Asian stocks rise on upbeat data, Fed hawks lift dollar

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TOKYO : Asian stocks rose on Thursday, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.The dollar hovered near its highest this week after Federal Reserve officials continued to stress that policy tightening is far from over

TOKYO : Asian stocks rose on Thursday, taking cues from a strong rally on Wall Street after robust economic data and upbeat corporate guidance boosted investor appetite.

Japan's Nikkei rose 0.58 per cent, while Chinese blue chips added 0.55 per cent and Hong Kong's Hang Seng jumped 1.24 per cent, with an index of its tech stocks surging 2.29 per cent.U.S. S&P 500 futures were about flat, after the underlying index jumped 1.56 per cent overnight and the tech-heavy Nasdaq surged 2.73 per cent to a three-month peak.

However, one - San Francisco Fed President Mary Daly - said in an interview with Reuters that a half point hike may be what's needed at the next meeting in September, rather than another 75 basis-point rise. "That message hasn't properly percolated through to the equity market, which is looking at what has been a reasonably strong set of earnings numbers and some fairly decent economic data and going this is brilliant, instead of doing what they should be doing and saying this is quite concerning."

 

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