Asian stocks drift higher before PCE data; Weak China PMIs spur stimulus hopes [Yahoo! Finance]
Telus Corporation Ordinary Shares (TU)
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Source: Yahoo! Finance
PCE inflation data, while Chinese markets advanced as soft business activity data sparked hopes for more stimulus. Regional stocks took middling cues from a weak overnight close on Wall Street, as soft gross domestic product data added to concerns over stalling economic growth and high interest rates. U.S. stock index futures fell in Asian trade. Focus was now squarely on PCE price index data, which is the Federal Reserve's preferred inflation gauge, for more cues on interest rates. The reading is due later on Friday. Anticipation of the inflation data limited any major gains in Asian markets. Chinese stocks advance past weak PMIs, stimulus in focus China's Shanghai Shenzhen CSI 300 and Shanghai Composite indexes rose about 0.3% each on Friday, rising even as purchasing managers index data showed a deterioration in business activity. China's manufacturing PMI slipped back into contraction in May, while non-manufacturing PMI grew at a slower-than-expected pace, indicating t
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