Asia stocks rally, led by Hang Seng on debt-ceiling deal approval, hopes Fed is done with rate hikes

BEIJING — Asian stock markets followed Wall Street higher Friday ahead of a U.S. jobs update after Federal Reserve officials reignited hopes another interest rate hike might be postponed.

Wall Street’s benchmark S&P 500 index rallied 1% on Thursday after data showed manufacturing and retail activity weakening. That added to hopes the Fed might decide upward pressure on prices is easing and more rate hikes can be postponed or scaled down. Late Thursday, the Senate gave final approval to an agreement to raise the amount the government can borrow in exchange for spending cuts.

India’s Sensex 1 opened up less than 0.1% at 62,434.48. New Zealand declined while Bangkok advanced. Markets in Singapore and Indonesia were closed for holidays. That’s good news for workers and the overall economy, but the Fed worries a strong job market could also keep pressure up on inflation.

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