The US equity markets responded to the FOMC Economic Projections. On Wednesday, the Nasdaq Composite Index and the Dow rallied by 1.25% and 1.03%, respectively. The S&P 500 advanced by 0.89%.

Moreover, the Asian economic calendar painted a rosier picture of the macroeconomic environment. Australian labor market conditions improved in February. Service sector activity across Australia and Japan accelerated in March. Japanese exports increased more than expected, narrowing the trade deficit to ¥379.4 billion.

US Soft Landing, Japan Inflation, and the RBA in Focus

On Friday, overnight US economic indicators from Thursday and the US equity market session will set the tone for the Asian session.

The S&P Global Services PMI declined from 52.3 to 51.7 in March. Economists forecast a PMI of 52.0. Initial Jobless Claims slipped from 212k to 210k in the week ending March 16. Economists expected an increase to 215k. The Philly Fed Manufacturing Index fell from 5.2 to 3.2. Economists predicted the Index to drop to -2.3.

The economic indicators continued to support expectations of a soft landing as the markets bet on a June Fed rate cut. On Thursday, the Swiss National Bank (SNB) cut interest rates by 75 basis points, signaling a possible end to the battle against inflation. The move supported the appetite for riskier assets.

On Thursday, the Nasdaq Composite Index gained 0.20%. The Dow and S&P 500 ended the session up 0.68% and 0.32%, respectively.