Asian markets track Wall St higher as rate hopes rise, eyes on US jobs

Investors are keenly awaiting the release of US jobs data due later in the day. Photo: MARIO TAMA / GETTY IMAGES NORTH AMERICA/Getty Images via AFPThe gains come as traders turn their attention to the release of key US jobs data due later in the day, which could play a major role in the Federal Reserve's decision-making on when to lower borrowing costs.

That has dented sentiment on trading floors, though that has been offset by a strong corporate earnings season and healthy company forecasts, helping to push equity markets higher.Comments from Fed boss Jerome Powell on Wednesday appeared to breathe a little life into the rate-cut narrative, when he said that while he expected borrowing costs to stay high for longer, officials were unlikely to announce another hike.

The bank's decision to slow the pace at which it shrinks its balance sheet, having bought up vast amounts of bonds previously to keep rates low, also provided some relief."While the Fed appears to have all but ruled out a rate hike, it also made clear it's willing to keep rates higher for longer," said Chris Larkin, of E*Trade from Morgan Stanley.

"The markets will be hungry for any data suggesting the economy isn't heating up any more than it did in the first quarter." National Australia Bank's Tapas Strickland added:"The Fed will need an accumulation of evidence that inflation is easing sufficiently before they contemplate cutting rates."Wall Street's three main indexes notched up sizeable gains on Thursday, with the Nasdaq piling on more than one percent as tech outperformed again.

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