(Bloomberg) -- Stocks in Asia followed US benchmarks higher ahead of a slew of Chinese data, after strong US economic reports revived speculation the Federal Reserve will be able to engineer a soft landing. Most Read from BloombergCaesars Entertainment Paid Millions to Hackers in AttackVideo-Game Company Unity Closes Offices Following Death ThreatWhen the Homeowners Association Comes for Your HomeRay Dalio Says He Doesn’t Want to Hold Bonds, Cash ‘Is Good’Russian Elite Bring Back $50 Billion of
Equities in Australia rallied the most in two weeks while Japanese and Korean shares also climbed. Futures in Hong Kong advanced and contracts for US stocks rose following gains on the S&P 500 and Nasdaq 100 on Thursday as retail sales and producer prices beat estimates. The dollar was steady while the euro remains at its lowest level in five months after the European Central Bank likely hiked for a final time and downgraded growth forecasts on Thursday.
“Risk markets are in a more buoyant mood at the end of this week, following a dovish ECB rate hike, an inline US inflation report and strong consumer spending and labour market data,” said Tony Sycamore, an analyst at IG in Sydney. “In China today, IP and Retail Sales are the key ones to keep an eye on, and given they are expected to see an improvement in both, it looks markets should remain firm into the weekend.
Meanwhile, Arm Holdings Plc surged 25% in its trading debut. Ford Motor Co. and General Motors Co. underperformed, with Detroit carmakers facing the threat of a strike. Traders also braced for Friday’s triple witching options event — which has the potential to trigger volume spikes and volatility.
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