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Asia Stocks Set to Follow US Gains on Fed Outlook: Markets Wrap

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Shares in Asia are poised to follow Wall Street gains after US economic reports pointed to slowing growth, adding to bets the Federal Reserve is nearing the end of its tightening cycle.

Equity futures for Japan, Australia and Hong Kong all rose. The S&P 500 advanced for a fourth day Wednesday, extending this week’s gains to 2.5%. The tech-heavy Nasdaq 100 has climbed 3.5% this week.

The underwhelming numbers supported predictions for the Fed to ease back on interest-rate hikes. Swap contracts are now pricing in less than a 50% chance of another quarter-point increase this year. In China, investors are focused on official purchasing managers index data due Thursday that is forecast to show further weakness in manufacturing and slowing growth in services.

Elsewhere, Country Garden Holdings Co. signaled it may default on its debt after the embattled Chinese developer posted a record first-half loss of almost $7 billion.

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