Asian Stocks Up as Investors Evaluate Economic Outlook By

© Reuters

By Zhang Mengying – Asia Pacific stocks were up on Friday morning as investors evaluated the economic outlook and interest rates hike expectations.

Japan’s gained 0.83% by 10:42 PM ET (2:42 AM GMT).

South Korea’s jumped 2.20%

In Australia, the rose 0.44%

Hong Kong’s climbed 1.33%

China’s was up 0.69% while the was up 0.97%

and rose above 1%.

The policy-sensitive US two-year yield is on course for one of its biggest weekly drops since March 2020. The yield on 10-year Treasuries rose one basis point to 3.10%. Oil rebounded to about $104 a barrel.

Unclear monetary policies are still on investors’ radars. that Fed’s inflation fight is “unconditional”, while Fed Governor Michelle Bowman said she supports another 75-basis points interest rate hike in July, followed by a few more half-point hikes.

Investors are negotiating “a fraught transition from ‘front-loaded’ synchronized tightening towards demand destruction and peak ‘price-pressure’,” Citigroup Inc. strategists William O’Donnell and Edward Acton said in a note.

Geopolitical and supply chain disruptions are adding the “price-pressure” and energy could return to an “upward trend for at least a couple of months,” Defiance ETFs LLC chief investment officer Sylvia Jablonski told Bloomberg.

Adding to concerns of slowing economic growth, reached 229,000 last week, hovering near a five-week high. is due later in the day.

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