Asian stocks drift higher before PCE data; Weak China PMIs spur stimulus hopes

Investing.com-- Most Asian stocks rose slightly on Friday with focus turning squarely towards key upcoming U.S. PCE inflation data, while Chinese markets advanced as soft business activity data sparked hopes for more stimulus.data added to concerns over stalling economic growth and high interest rates. U.S. stock index futures fell in Asian trade.data, which is the Federal Reserve’s preferred inflation gauge, for more cues on interest rates. The reading is due later on Friday.

Chinese stocks were set for a flat finish to May, as a rebound from multi-year lows stalled in recent weeks.The Hang Seng was also by far the best performer in Asia through May, up nearly 4% for the month as investors sought more exposure to a potential Chinese economic recovery.Most Asian stocks rose on Friday, but were set for a middling performance in May as fears of high interest rates and inflation battered sentiment towards equity markets.

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