Asia tracks another rally on Wall St as US rate optimism lingers

Friday's big miss on jobs creation for April, a strong earnings season and soothing comments about the policy outlook by central bank chief Jerome Powell have combined to push equities higher in recent weeks.and very low valuations after years of selling are also injecting some much-needed life into Hong Kong and mainland Chinese markets.

That tempered a lot of the volatility in markets caused by wild fluctuations in the yen at the start of last week that reportedly prompted two Japanese interventions."Bulls will be looking to maintain their momentum after snatching last week from the jaws of bears," said Chris Larkin at E*Trade from Morgan Stanley.

Richmond Fed chief Thomas Barkin earlier this week said:"I am optimistic that today’s restrictive level of rates can take the edge off demand in order to bring inflation back to our target."The full impact of higher rates is yet to come," he said in prepared notes, according to Bloomberg News.

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