The government's consumer spending report that will be released before the opening bell contains a measure of inflation that is closely watched by the Fed, which has been raising rates furiously for more than a year in an effort to bring down inflation not seen since the early 1980s.
On Thursday, most stocks climbed on Wall Street following the latest signs that the U.S. economy remains stronger than feared. High rates slow inflation by dragging on the entire economy, and they have already hurt the manufacturing, technology, banking and housing sectors. The Shanghai Composite index jumped 0.6% to 3,206.06 and Hong Kong's Hang Seng edged 0.1% higher, to 18,949.70. The Nikkei 225 in Tokyo shed 0.1% to 33,189.04.
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