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Asian shares rise on debt bill progress, Fed pause hopes
Asian stocks rallied on Friday as hopes of the Federal Reserve postponing interest rate hikes in its upcoming meeting and progress on the US debt ceiling bill ignited the investor's interest in risky assets. The US Senate is likely to approve the debt-ceiling raising bill soon, which helped the progress of stocks. Traders have reduced their bets on the Federal Reserve's interest rate hike in the coming weeks, leading to a 20% chance compared to 50% last week. Investors are now focusing on the highly anticipated May unemployment report, which may influence the rate hike decision of the Federal Reserve.