Treasury yields retreat, lifting tech and growth stocks
Taiwan paces equity gains in Asia while China stumbles
Weaker U.S. economic data scuppers bets for early taper
Bitcoin at 40,000 after plunge to 30,000 in wild week
Asian tech and growth stocks rallied on Friday, following Wall Streets overnight lead, as investors tempered fears about hot inflation and the prospects of an early tapering of stimulus by the Federal Reserve.
Japans techheavy Nikkei and Taiwans stock index stood out in the region where equities were broadly mixed with gains of 0.8 and 1.2 respectively.
Chinese blue chips lost 0.8, however, weighed by financials and capping broader gains in the region.
Overall, MSCIs broadest index of AsiaPacific shares outside Japan added 0.1, putting it on track for a 1.9 weekly gain. The gauges tech components jumped 0.6 over the day.
Futures pointed to a further 0.3 rise for the SP 500 later in the global day, following a more than 1 rise on Thursday.
Growth stocks led those gains as Treasury yields declined following a weakerthanexpected U.S. business activity reading. A pullback in commodity prices, particularly oil, also undermined the thesis for toohot inflation.
The Nasdaq Composite was the big winner, soaring 1.8, while the Dow Jones Industrial Average posted a 0.6 gain.
European stocks looked set to rally at Fridays open, with Euro Stoxx 50 futures up 0.4 and FTSE futures rising 0.2.
Its still a market trying to work out where inflation is…