Asian Stocks to Gain on CPI; Japan Set for Yen Hit: Markets Wrap

-- Most Asian stock markets were set to advance Friday on fresh signs of slowing US inflation that sent bond yields tumbling and sparked a rotation out of big tech stocks on Wall Street.Equity futures for Australia and Hong Kong rose, while contracts for Japan fell 1.7% after the yen’s rapid appreciation against the dollar prompted reports that authorities had stepped in to support the currency.

Small-cap stocks were among the day’s primary beneficiaries. The Russell 2000 of smaller firms beat the Nasdaq 100 by 5.8 percentage points — the most since November 2020. Neuberger Berman Group’s Steve Eisman expects the outsized strength in US megacap technology shares will “last for years,” as artificial intelligence becomes more accessible to consumers via electronic devices.

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