Asia May 28

Asian stocks climbed along with US equity futures Friday after sturdy economic data and Biden's federal spending plans spurred a Wall Street rally in cyclical shares. Treasury yields rose.

Japanese shares led gains, Hong Kong pushed higher helped by JD logistics' debut and China fluctuated. Earlier, a rise in industrial and financial shares fueled a small overall rise in the S&P 500, while small-caps outperformed and the NASDAQ 100 slipped.

In the United States, Jobless Claims fell to a new pandemic low, and Biden is expected to unveil a budget that would increase federal spending to $6 trillion in the coming fiscal year.

The 10-Yr US Treasury yield reached 1.61% amid the growth optimism and worries of further debt supply to fund spending. The dollar edged up and the yen fell as Japan recommended extending a state of emergency that spans Tokyo to limit infections. China signalled the yuan’s recent appreciation is too rapid.
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Elsewhere, oil rose to a more than two-year high. Bitcoin continued to trade beneath the $40,000 level.