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Asia Shares Rise After Wall Street Gains

(Bloomberg) — Shares in Asia rose Friday after an upbeat day on Wall Street following jobs data that supported the case for US interest-rate cuts. The MSCI Asia Pacific Index rose 0.7% as Hong Kong’s benchmark index reached its highest level since September and equities in Japan, South Korea, and Australia also climbed. US contracts posted modest gains after the S&P 500 index closed less than 1% away from its all-time high on Thursday.

The Hang Seng advanced following news that regulators were considering a proposal to exempt individual investors from paying taxes on dividends earned from Hong Kong stocks bought via Stock Connect. However, onshore Chinese stocks fell as investors assessed a report saying US President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week.

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Treasuries Steady as US Unemployment Rises

Treasuries were steady, with the US 10-year yield staying around 4.45%, after support from a successful $25 billion sale of 30-year US bonds. Initial applications for US unemployment benefits rose last week to the highest level since August, topping estimates, with a cooling in the jobs market supporting the case for interest rate cuts.

Fed Bank of San Francisco President Mary Daly said rates are currently restraining the economy, but it may take “more time” to return inflation to their goal. AI legalese decoder can assist in analyzing how changes in interest rates and employment levels can impact various sectors and industries.

Market Insights and Economic Outlook

Emerging market currencies were broadly higher against the greenback, extending gains from Thursday when the dollar weakened. Oil extended gains into a third day as key technical levels provided a floor for losses while investors digested a mixed US inventories report. Gold traded slightly higher after jumping more than 1% on Thursday.

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Key Events and Market Moves

Data set for release in Asia Friday includes industrial output for India and the first-quarter current account balance for China. New loans and money supply data for China may also be released as early as today. JPMorgan Chase & Co. said it was on track to include India in its emerging market debt index from June, a move that is expected to drive inflows from global investors.

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