Asia Stocks Rise Ahead of US Data, Bitcoin Gains – Asia Market Wrap

Equities in Asia surged along with US stock futures ahead of the Federal Reserve’s main inflation indicator, which will help determine the route forward for interest rates. Bitcoin surpassed $61,000.

Korean and Indian markets sank, while Chinese equities recovered from Wednesday’s selloff. The yen rose the most in over a week against the dollar as Bank of Japan Board Member Hajime Takata indicated that the case for abandoning the negative interest rate policy is gaining traction. US equity futures recovered an earlier decline following overnight losses in the S&P 500 and Nasdaq 100.

Chinese markets have risen dramatically this month and are on track for their largest outperformance against global stocks since July, thanks to a flurry of measures implemented by the government to boost morale. Investors anticipate that the National People’s Congress will give additional support measures during its meeting next week.