Asian shares hit 6-1/2-month highs on Friday after upbeat U.S. data and optimism...
TOKYO - Asian shares hit 6-1/2-month highs on Friday after upbeat U.S. data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy.
Apple Inc led the tech sector’s advance, rising 3.7 percent, ahead of the company’s expected streaming service debut next week. Thursday’s U.S. economic data was also upbeat as initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply. The five-year yield dropped to 2.34 percent, below the current Fed funds rate around 2.40 percent, as fed funds rate futures price in about 50 percent chances of a rate cut this year.
He added, however, the Fed’s cautious stance on raising rates could backfire by creating uncertainty in the economy and hurt the U.S. central bank’s credibility.
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