Asian stocks rose along with US equity futures after solid economic data and President Joe Biden’s federal spending plans spurred a Wall Street rally in cyclical shares. Treasury yields climbed. Japanese shares led gains, Hong Kong pushed higher aided by JD Logistics’ debut and China fluctuated. Earlier, a rise in industrial and financial shares fuelled a modest overall increase in the S&P 500, while small-caps outperformed and the tech-heavy Nasdaq 100 slipped. US data included a drop in jobless claims to a fresh pandemic low, while Biden is reportedly set to unveil a budget that would take federal spending to $6 trillion in the coming fiscal year. The 10-year US Treasury yield reached 1.61 per cent amid the growth optimism and concerns of more debt supply to fund spending. The dollar inched up and the yen fell as Japan recommended extending a state of emergency designed to curb infections. China signalled the yuan’s recent appreciation is too rapid with a weaker-than-expected reference rate. Global stocks are set to climb for the fourth month. The economic rebound from Covid-19 is a bulwark for sentiment, and comments from Federal Reserve officials have helped temper fears that inflation could spark a faster-than-expected reduction in stimulus. Treasury secretary Janet Yellen said she sees the burst in prices as temporary, though likely to last through the end of 2021. “Stocks still look attractive here as too much money is getting pumped into the economy and that probably won’t change until the end of summer,” Edward Moya, senior market analyst with Oanda wrote. Elsewhere, oil climbed to a more than two-year peak and the Bloomberg Commodity Spot Index rose the most in about two weeks. Bitcoin continued to trade below the $40,000 level.