• Strong U.S. data lifts outlook for global pandemic recovery
  • Japan leads regional advance as world index nears record high
  • Value shares in favour as higher bond yields hurt tech
  • Oil extends gains as economy outweighs Iran supply concerns

TOKYO, May 28 (Reuters) – A rally in Asia put global equities on track for a seventh day of gains on Friday as investors bet the U.S. will lead the world out of the COVID-19 pandemic, with the focus turning to a multi-trillion dollar spending boost by the Biden administration.

Tokyo led the advance, with the Nikkei (.N225) jumping 2.1%. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) rose 1.1% and hit its highest level this month.

The Hang Seng climbed 0.6%, but Chinese blue chips (.CSI300) were an outlier, slipping 0.1% a day after closing at a near three-month high.

The MSCI world equity index (.MIWD00000PUS) added 0.2% to 710.34, a fraction off the all-time closing high of…

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