(Bloomberg) — Shares in Asia advanced Friday after a stellar quarter for US stocks ended on a positive note amid expectations that the world’s biggest economy will be able to achieve a soft landing.
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Japanese, South Korean and mainland Chinese stocks also rose, with much of the region, including Australia, Hong Kong and Singapore closed for a public holiday.
The gains came after Wall Street traders sent the S&P 500 to its 22nd record this year after data showed the US economy remained in good shape. A $4 trillion surge in US equity values in just three months has startled doomsayers, while leaving a host of strategists scrambling to update their 2024 targets.
“Japanese stocks are rebounding from yesterday’s drop,” said Masahiro Yamaguchi, a senior market analyst at SMBC Trust & Banking Ltd. The moves are “driven by the US stock market, as various indicators show the resilience of the US…
