Asian Equities Higher Led by China

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.

Bloomberg

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