Asian shares edged higher on Friday after US stocks posted their first gain this month as traders awaited key inflation data in China and the US
Asian shares edged higher on Friday after US stocks posted their first gain this month, as traders awaited key inflation data in China and the US.
Equities in Japan, South Korea and Australia advanced, while Hong Kong contracts edged up after the S&P 500 reversed course, putting the gauge on the verge of breaking its past 100-day average.
The dollar was little changed against most major counterparts after falling on Thursday, as geopolitically-driven appetite for haven investments faded.
Treasury yields pared gains from the previous session, with the 10-year yield closing below 3.5%. Government bond yields eased in Australia while remained high in New Zealand.
Oil rose at the open in Asia but suffered a weekly decline of nearly 10% after a volatile session on Thursday on concerns over the economic outlook. Gold stable.
Friday's producer price index for November is one of the last pieces of data Federal Reserve policymakers will look at ahead of their December 13-14 policy meeting. The PPI was cooler than expected in October. Meanwhile there are some signs that the labor market is cooling, with jobless claims climbing to the highest level since early February.
Strategists from Morgan Stanley to JPMorgan Chase & Co have warned investors that the Fed is getting closer to turning to easier policy.
"We think the worst is yet to come. We're looking for a moderate recession next year, which means a modest decline in corporate profits this year," Gary Schlossberg, global strategist at Wells Fargo Investment Institute, said on Bloomberg Television. Our target is for the S&P 500 stock at approximately $205 per share.
Meanwhile, the consensus for China's inflation index has gone down over the past month, although Bloomberg Economics expects the economy to reopen.
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