Asia shares set for choppy session after S&P 500 hits record high

Asia shares set for choppy session after S&P 500 hits record high

(Reuters) - Global stocks held firm near record highs on Friday as receding inflation fears in the United States pushed down bond yields and lifted Wall Street, though softness in Chinese shares capped gains in Asia. MSCI’s broadest gauge of world stocks set a record high earlier in the Asian session and last stood almost flat. Japan’s Topix gained 0.6% and Australian stocks hovered near a more than one-year top, while South Korea’s Kospi touched the highest intraday level since mid-February. Chinese shares were an outlier, with the CSI 300 sliding 1.3%, pushing down MSCI’s ex-Japan Asia index 0.4%, not helped by worries about further tension between Washington and Beijing. Benchmark 10-year Treasury yields held close to Thursday’s two-week trough near 1.6%, which had lifted U.S. tech shares and powered the S&P 500 to a record close. Yields had surged to the highest since January of last year at 1.776% at the end of March as a string of strong U.S. economic data stoked concern for a spike in inflation that could force the Federal Reserve to raise interest rates …
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