Equities in Asia climbed along with futures contracts for US and European stocks amid a rally in technology shares. The yen surged ahead of US jobs data due later Friday.
Hong Kong stocks led the gains for regional equities, a measure of which hit its highest level since February. Equities rose in Korea and Australia, while they were closed for trading in mainland China and Japan.
US non-farm payroll data, due later Friday, becomes the next big potential trigger for markets after Federal Reserve chief Jerome Powell effectively laid conversations of a potential rate hike to rest, while still keeping a window open for rate cuts later in the year.
The forecast gain of 240,000 would be the weakest since November. “With the relative strength of the U.S. economy keeping the doves at bay for the time being, we are aware that any surprise” in the jobs report “could create an outsized rates market reaction,” said Simon Ballard, chief economist at First Abu Dhabi Bank.
In Hong Kong, stocks gained for a ninth straight session as tech rallied. The Hang Seng Tech index rose as much as 4.1%, compounding a 4.5% advance Thursday, as Alibaba Group Holding Ltd., Tencent Holdings Ltd and JD.com Inc. touched fresh 2024 highs.
Source: Bloomberg
