Asian equity rally fades despite Wall St records sparked by US data

The rally in Asian markets petered out Friday, with profit-takers paring three-day surges in Hong Kong and Shanghai as traders await more guidance on China’s plans to support the country’s battered economy.

The tepid display came despite more record finishes for the Dow and S&P 500 in New York fuelled by forecast-beating US growth data and news that a key inflation gauge remained in line with the Federal Reserve’s target.