Asian equities followed the US higher on Friday after dovish comments from a Federal Reserve official counteracted data showing a robust labour market in the world’s largest economy.
Hong Kong’s Hang Seng index added 0.6 per cent, China’s CSI 300 gained 0.2 per cent and Japan’s Topix rose 1.1 per cent.
US stocks reversed two days of losses to close higher on Thursday, despite economic data raising fears that interest rates would remain elevated for longer than previously thought. The S&P 500 rose 0.8 per cent and the Nasdaq Composite added 0.7 per cent.
Jobless claims in the country fell to 190,000 in the week ended February 25, fewer than the 195,000 forecast, new data showed.
Numbers reflecting strength in the US economy have tended to spook investors in recent weeks, as they have been taken as signs the Federal Reserve will have to do more to bring inflation under control. But Raphael Bostic, Federal Reserve Bank of Atlanta president, said on Thursday that the central bank could pause the ascent of interest rates in the summer.
Asian equities were also buoyed by data released in Japan on Friday, which showed the country’s jobless rate falling to 2.4 per cent in January, down 0.1 percentage point from the previous month.
European futures pointed higher, with contracts for the FTSE 100 and Euro Stoxx 50 adding 0.2 per cent and 0.5 per cent, respectively.