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US stimulus continues to impact Asian stock

Asian stocks put global equities on course for a seventh day of gains on Friday as investors bet the US will lead the world out of the covid-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

Tokyo led the advance, with the Nikkei (.N225) jumping 1.9% early in the session. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.3%, hitting its highest level this month, though Chinese blue chips (.CSI300) slipped 0.1% just after the open.

The MSCI world equity index (.MIWD00000PUS) added 0.1% to 709.71, nearing the all-time closing high of 710.36 set on May 7.

US stocks were also poised for further gains after the S&P 500’s (.SPX) 0.1% rise overnight, with futures pointing to a 0.3% increase at the open.

On Thursday, data showed the number of Americans filing new claims for unemployment benefits dropped to the lowest since mid-March 2020, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy.