
Asian stocks edge up after US gains, dollar dips
made a modest gain at the open Friday as a global equity rally gained fresh vigor on strong
economic data
that eased concerns about the
US economy
.
The
MSCI Asia Pacific Index
rose 0.2% at the open. Equity-index futures for US gained after the S&P 500 and Nasdaq 100 set closing highs Thursday. Tech stocks rose as a bullish outlook from Taiwan Semiconductor Manufacturing Co. bolstered confidence in artificial-intelligence spending. Netflix Inc. also reported strong earnings and raised its forecast.
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The yen steadied as Japan's key price measure cooled a tad more than expected, while remaining well above the Bank of Japan's target. The dollar dipped as
Federal Reserve
Governor Christopher Waller said policymakers should cut interest rates this month to support a labor market that is showing signs of weakness. Treasuries rose as yields on the 10-year fell for a third day.
The cross-asset moves were a sign of bullish risk appetite a day after speculation President Donald Trump would fire Jerome Powell sent volatility spiking. The gains in equities reflected strong economic data and confidence US companies will deliver robust second-quarter earnings, calming the uncertainty caused by Trump's tariff war.
'As long as the economy continues to expand and unemployment remains low, then people will continue to spend and the flywheel can keep generating higher profits, which is the engine for higher stock prices,' said Chris Zaccarelli at Northlight Asset Management.
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A June advance in US retail sales tempered concerns about weaker consumer spending. Applications for US unemployment benefits declined for a fifth straight week to the lowest since mid-April, showing a resilient job market.
Elsewhere, a White House shift on US chip bans that impacts Nvidia Corp. and Advanced Micro Devices Inc. has spurred talk of a grand tech bargain between Washington and Beijing. Separately, the US Commerce Department imposed preliminary anti-dumping duties on Chinese imports of graphite, a key battery component.
Fed Bank of San Francisco President Mary Daly said it's reasonable for policymakers to plan on two rate cuts this year, emphasizing that the central bank should not wait too long before moving. Fed Governor Adriana Kugler said officials should keep holding rates steady 'for some time,' citing accelerating inflation as tariffs start to boost prices.
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The Hindu
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