Asian stocks rose, with Chinese shares heading for their biggest weekly gain since March, after the value of global equities climbed to a record. Oil headed for a 10th straight weekly advance, while the dollar pared its first advance in six weeks.
The MSCI Asia Pacific Index added 0.3 percent by 11:10 a.m. in Tokyo, as Hong Kong and South Korean shares climbed. The Shanghai Composite Index extended the week's gain to 6.7 percent. Standard & Poor's 500 Index futures were little changed. The New Zealand dollar led gains against the greenback on Friday. U.S. oil was at $ 60.65 a barrel, set for its longest run of weekly advances on record. Wheat climbed.
The Bank of Japan is expected to keep its record stimulus program unchanged Friday. Federal Reserve Chair Janet Yellen speaks on the economy after data that's estimated to show inflation slowed to just 0.1 percent in April from 0.2 percent the previous month. Mixed U.S. economic reports have prompted investors to push back estimates for when the Fed will begin raising rates, helping to push equities to all-time highs.
"The U.S. CPI is unlikely to surprise markets," said Masashi Murata, vice president at Brown Brothers Harriman & Co. in Tokyo. "Speculation about the timing of when rates will be raised may have been pushed back, but the dollar is being bought and it's on an uptrend. Just because near-term data is sluggish isn't enough to deny the possibility of policy change."
Crashes Ignored
Chinese stocks are extending a world-beating rally, with the combined value of mainland and Hong Kong equities surpassing the aggregate of Europe's 10 largest markets. The Shanghai Composite Index climbed 1.6 percent Friday and the Hang Seng China Enterprises Index rose 1.4 percent.
Investors haven't been deterred after two of Hong Kong's highest-flying stocks of 2015 came crashing back to earth this week. Goldin Financial Holdings Ltd. and Goldin Properties Holdings Ltd., controlled by billionaire Pan Sutong, plunged more than 40 percent Thursday. A day earlier, Hanergy Thin Film Power Group Ltd. tumbled 47 percent in 24 minutes. The stocks had surged at least 500 percent in the prior 12 months.
Australia's S&P/ASX 200 Index rose a second day, climbing 0.1 percent after sliding to its lowest level since the end of January on Wednesday. The gauge fell 1.2 percent this week, led by losses in consumer-staples and financial stocks. The Kospi index in Seoul rose 0.4 percent, bringing its second straight weekly gain to 1.1 percent.
Global Liquidity
The value of global equities rose to a record $ 72.97 trillion Thursday as the S&P 500 and MSCI All-Country World Index edged higher. The Stoxx Europe 600 Index climbed for a fourth straight day.
"There's lots of money floating around with QE in both Japan and in Europe certainly supportive of markets," James Lindsay, who helps manage the equivalent of about $ 3 billion in assets at Nikko Asset Management NZ Ltd. in Auckland, said by phone.
Japan's Topix slipped 0.3 percent after a five-day climb. The index is still up 2.2 percent this week. The Nikkei 225 Stock Average gained 2.3 percent this week and closed at a 15-year high on Thursday.
The yen was little changed at 120.93 per dollar after snapping a five-day slump Thursday.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, was little changed after falling 0.1 percent Thursday as the housing data trailed estimates and U.S. jobless claims increased in the week.
Minutes of the Fed's April meeting published Wednesday showed many officials expected June would probably be too soon to boost borrowing costs, while they remain open to tightening later this year. They indicated a first-quarter slowdown in the economy was probably temporary.
Wheat futures in Chicago climbed for a third day, rising 0.6 percent to $ 5.25 a bushel, near the highest level in a month. Prices advanced 2.7 percent this week, the third such increase and the longest winning streak since December. Heavy rains have spoiled the quality of the wheat crop in the U.S. Soybeans fell to the lowest level since October on rising global supplies.
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