Asian shares were headed for their biggest weekly loss in more than a month on F...
SYDNEY - Asian shares were headed for their biggest weekly loss in more than a month on Friday, while the dollar held around two-year highs on speculation that U.S. data later in the day will show its economy is outperforming the rest of the developed world.
Despite this week’s dismal performance, Asian shares have had a strong rally since a brutal sell-off in late 2018 - they are up 12.5 percent so far this year - and analysts hope the gains will continue with most major central banks now tilting to an easing bias. The closely-watched estimate of GDP from the Atlanta Federal Reserve is projecting an outcome of 2.7 percent, a huge turnaround from a few weeks ago when it was at 0.5 percent.
Rate cuts look much likelier in Australia and New Zealand after recent disappointingly weak inflation reports.
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