Asian stock markets rose on Friday, with Japan’s Nikkei 225 index leading the way, as investors bet on a deal to raise the U.S. debt ceiling and avoid a default. The broader TOPIX index also hit record highs. South Korea’s KOSPI, Taiwan Weighted index, and Australia’s ASX 200 index all added gains. However, concerns over a slowing economic recovery in China and hawkish signals from the U.S. Federal Reserve kept gains limited. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were flat, while Hong Kong’s Hang Seng slid 1%. Alibaba Group tumbled 5.3% after its first quarter revenue missed estimates. Hawkish signals from U.S. Federal Reserve officials also rattled markets, as more policymakers warned that sticky inflation could keep rates higher for longer. Investors will be looking to a panel discussion with Chair Jerome Powell later in the day for more cues on monetary policy.
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