Asian stocks inched higher on Friday as weak factory activity data from China stoked expectations of fresh stimulus, even as strong U.S. economic data bolstered the view that the Federal Reserve will stay hawkish for longer.
Investors’ focus on Friday will be on the U.S. Personal Consumption Expenditures index reading, the Fed’s favored inflation gauge.
“There is a growing divergence in the path of inflation across the region, which is leading to some disagreement about the right path for policy,” said Rob Carnell, ING’s regional head of research, Asia-Pacific.Data through the week has painted a picture of a resilient U.S. economy that has eased some of the worries of an impending recession but also stoked expectations that the Fed will stay on its hawkish path.
Meanwhile, China’s factory activity declined for a third straight month in June and weakness in other sectors deepened, official surveys showed on Friday, adding pressure for authorities to do more to shore up growth as demand falters at home and abroad.China’s blue-chip CSI300 Index and the Shanghai Composite Index rose nearly 1 percent, while Hong Kong’s Hang Seng Index was up 0.24 percent on stimulus hopes.
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