We are back to "bad news is good news" as soft economic data revived hopes central banks could be more or less done raising interest rates, leading investors to rush into risky assets but with wary eyes on the Fed's Jackson Hole symposium.The blockbuster earnings and forecast from the stock market darling helped lift AI-related stocks, U.S. futures and Asian equities. MSCI Asia ex-Japan IT Index surged 2.5%, on course for its best day in more than two months.
Meanwhile, fresh signs are emerging that U.S. consumer spending is under stress after lacklustre results and forecasts from retailers ranging from Macy's to Foot Locker. The excitement could be short-lived as worries remain sticky, with a majority of analysts polled by Reuters expecting global stock markets to head for a correction in coming months.