Asian shares rose to a near four-month high on Friday as resilient U.S. economic data stoked expectations that the Federal Reserve is near the end of its rate-hike campaign, with investor focus switching to the Bank of Japan’s policy meeting. | Reuters
Markets will focus on whether BOJ Governor Kazuo Ueda will offer a stronger warning on the risk of an inflation overshoot at his post-meeting news conference.
The S&P 500 and Nasdaq surged on Thursday to close at their highest in 14 months after data showed U.S. retail sales unexpectedly rose in May, while U.S. jobless claims came in higher than expected.“If U.S. labor markets are finally starting to soften, this lends some credibility to the Fed’s decision to pause,” said Ryan Brandham, head of global capital markets, North America at Validus Risk Management.
The European Central Bank on Thursday left the door open to more rate hikes as it flagged risks from rising wages and revised up its inflation projections. The ECB also raised interest rates by 25 bps taking its policy rate to 3.5 percent, a level not seen since 2001. The dollar index, which measures the U.S. currency against six major peers, was at 102.13, drifting near a one-month low.
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