Asian Stocks Head for the Best Week Since February: Markets WrapBy
S&P 500 closes up 0.9% as U.S. CPI below estimates; oil steady
- 10-year Treasury yield back below 3%; pound declines
Asian stocks rallied after their U.S. counterparts gained amid relief the latest reading on American inflation suggested less need for the Federal Reserve to accelerate monetary tightening. The dollar steadied after dropping the most since March.
The MSCI Asia Pacific Index is heading for its best week since February thanks to easing investor concerns that higher U.S. yields and a stronger dollar would spur broad contagion. Equity benchmarks advanced across most of the region, with Japan’s Topix heading for its highest close in 10 weeks. Malaysian assets trading offshore began to stabilize after the shock election win for the opposition. Ten-year Treasury yields held below 3 percent…
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