Asian markets may be buoyed by Wall Street rebound

After earnings showed the US economy still remains resilient despite inflation pressures, the Asian stock market may be buoyed Friday by a rebound on Wall Street.

None Rare Ship-to- Ship Transfers Keep Oil Moving From Russia to China

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Futures climbed in Japan, Australia and Hong Kong. The S&P 500 bounced back from its lowest level in more than a year after retailers including Macy s Inc. lifted forecasts. The tech-heavy Nasdaq 100 gained more than 2%.

Treasury yields were steady and the dollar fell as traders shunned safe havens on the improved risk sentiment. Oil was boosted by the broad-based market rally and signs of declines in US stockpiles.

China s efforts to balance Covid controls and economic growth will be focused as investors look for concrete policy measures to revive the economy battered by the lock-ins.

Despite concerns about inflation and higher interest rates, China's downbeat outlook and the war in Ukraine, global stocks look poised to snap seven weeks of declines that make valuations attractive and enticed investors back into a market still tense.

While this was an expected and highly talked about potential oversold rally, the underpinning for today s market climb higher suggests that last week s doom and gloom about the US consumer may have been overdone, said Quincy Krosby, chief equity strategist at LPL Financial.

Read: S&P 500 Believers Seeing Light Forming in the Valuation Tunnel

The strong views of retailers gave some relief to investors after Walmart and Target cut their outlooks last week, sparking an industry selloff. According to a report by the Federal Reserve Bank of New York, the US consumers are still largely expecting the inflationary shock to be temporary and for price gains to be low and stable in the long run.

None of the US core PCE price index; personal income and spending; wholesale inventories; University of Michigan consumer sentiment Friday

Some of the biggest moves in markets are:

None of the Japanese yen traded at 127.11 per dollar.

The offshore yuan was at 6.7657 per dollar None The yield on 10 year Treasuries was little changed at 2.75%

There was no Gold at $1,850. 79 an ounce

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