Asian shares to end tough week on a high
SYDNEY -Asian shares were trying to end a tough week on a bright note after Wall Street bounced and data showed China taking a step away from deflation, while Japanese stocks fought to sustain an early rally.rose as much as 2.4% early in the session before falling into the red and then edging up 0.6%. It has erased most of the losses from a 13% crash on Monday and finished the week 3% lower.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 1.8%, more than reversing the drop from Thursday. For the week, it has reversed earlier losses to be largely flat. Also helping sentiment is Chinese data showing that consumer inflation ran at 0.5% in July, above forecasts of a gain of 0.3%, suggesting there is less risk of the economy sliding into outright deflation.
A few Federal Reserve officials said they were increasingly confident that inflation is cooling enough to allow interest-rate cuts ahead, but not because of the recent market rout. The U.S. dollar gained as markets gave up bets on an emergency rate cut from the Fed, and is set for a 0.4% gain on yen this week, despite Monday's precipitous 1.5% plunge.
Commodity Futures Trading Commission figures later on Friday will give a clearer indication of whether that unwinding has now run its course.
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