Asian stocks rose on Friday and were poised for their fifth straight week of gains after a set of data highlighted a resilient U.S. economy, lifting investor sentiment ahead of next week's slate of central bank monetary policy meetings.
opened 0.2% higher after surging more than 2% on Thursday. Mainland China markets are due to resume on Monday after the Lunar New Year holiday.grew faster than expected in the fourth quarter as consumers boosted spending on goods, data showed, but it could be the last quarter of solid GDP growth before the lagged effects of the Federal Reserve's jumbo interest rate hikes are fully felt.
Thursday's set of data has raised investor hopes of a soft landing - a scenario in which inflation eases against a backdrop of slowing but resilient economic growth."While the strong headline, together with another sub-200k print for the weekly jobless claims, suggested that the U.S. economy was holding up strongly in the wake of rapid Fed tightening, the details were still patchy," Saxo strategists said.
Data on U.S. personal consumption expenditures due at 1330 GMT will provide further clues on inflation. Next week will also feature Bank of England and European Central Bank meetings that will indicate the monetary policy path the central banks are likely to take., a leading indicator of nationwide trends, rose 4.3% in January from a year earlier, marking the fastest annual gain in nearly 42 years.
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