Asian shares firm after solid U.S. data, tech sector hopes
Asian shares advanced on Friday after upbeat data and optimism in the tech sector lifted Wall Street stocks, helping calm some of the jitters sparked by the Federal Reserve’s cautious outlook on the world’s biggest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 percent while Japan’s Nikkei gained 0.3 percent. On Wall Street, the S&P 500 gained 1.09 percent while the Nasdaq Composite rallied 1.42 percent, with the Philadelphia SE Semiconductor Index soaring 3.5 percent. Apple Inc led the tech sector’s advance, rising 3.7 percent, ahead of the company’s expected streaming service debut next week. Thursday’s U.S. economic data was upbeat as initial claims for jobless benefits fell more than expected and mid-Atlantic factory activity rebounded sharply. The figures mollified worries about the U.S. economic outlook after the Fed on Wednesday surprised investors by adopting a sharp dovish stance, anticipating no further interest rate hikes this year and ending its balance sheet rollouts. The dollar also jumped back, with its index against a basket of six major currencies rising to 96.316 from Wednesday’s 1-1/2-month low of 95.735. The euro traded at $1.1377, off Wednesday’s 1-1/2-month high of $1.14485. Read More @ https://www.reuters.com/article/us-global-markets/asian-shares-firm-after-solid-u-s-data-tech-sector-hopes-idUSKCN1R304I?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
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