Asia Gains, US Stocks Hit Record on Inflation Record – Asia Market Wrap

Asian shares rose on Friday, led by Japan, as US stocks set records on the back of in-line inflation data.

Following a two-day losing trend, the Nikkei benchmark of Japanese stocks rallied by up to 2% to an all-time high exceeding 40,000. Shares in China, Hong Kong, and Australia all increased. The moves occurred after the Federal Reserve’s favoured inflation metric, personal consumption expenditures, met expectations.

US stock futures remained stable after the S&P 500 and Nasdaq 100 indexes closed at new highs, aided by Nvidia, which also achieved its highest closing price of the day. The two benchmarks closed February with their fourth straight monthly gain.

Treasuries climbed for the third consecutive session, aided by unemployment claims data indicating labour market weakening. Traders also suggested that the increases could be due to short covering. The dollar index showed minimal movement.