Portugal Colonial - Global stocks push higher

The latest data from the United States showed inflation was moderating, helping boost sentiment.

US personal income rose 0.4 percent in April compared to March, according to a Commerce Department report.

Meanwhile, the PCE price index slowed sharply, increasing just 0.2 percent after several months of accelerating at more than twice that pace and 0.9 percent in March.

Over the last 12 months, the key inflation measure slowed to 6.3 percent from 6.6 percent in the prior month, according to the data.

Excluding volatile food and energy goods, the increase in the "core" PCE price index was a more modest 4.9 percent.

The PCE is the US Federal Reserve's preferred price gauge, and the central bank has launched a counter-offensive against inflation with a series of aggressive interest rate hikes to cool the economy.

Those have battered stock markets in recent months as investors worried that the sharp hikes in interest rates will push the global economy into a recession.

"The key takeaway from the report ... is that there was a moderation in the year-over-year rates for the price indexes, which will support the peak inflation narrative," said market analyst Patrick J. O'Hare at Briefing.com.

Stock markets have bounced higher this week after the minutes of the last Federal Reserve meeting indicated that it could take a breather in hiking interest rates if inflation shows signs of easing later in the year.

- 'Tentative green shoots' -

"After a torrid few months, there are some tentative signs of green shoots emerging as investors become more comfortable with the stance of the central banks in tackling inflation," said Richard Hunter, head of markets at Interactive Investor.

Back in Asia, investors were in a buying mood as Hong Kong jumped more than two percent, with market heavyweight Alibaba piling on more than 11 percent and search engine Baidu advancing 15 percent.

The two firms posted better-than-expected sales growth in the January-March quarter, soothing fears about the impact of Covid and inflation on their bottom lines.

Hong Kong's tech index jumped nearly three percent, with other giants also enjoying buying interest with JD.com and Meituan sharply up.

The reports were much-needed pieces of good news out of the world's second-biggest economy, which is being battered by lockdowns in major cities as leaders refuse to budge from their zero-Covid strategy.

- Key figures at around 1330 GMT -

London - FTSE 100: UP 0.1 percent at 7,574.33 points

Frankfurt - DAX: UP 1.1 percent at 14,309.82

Paris - CAC 40: UP 1.2 percent at 6,485.65

EURO STOXX 50: UP 1.3 percent at 3,787.75

New York - Dow: UP 0.2 percent at 32,704.19

Tokyo - Nikkei 225: UP 0.7 percent at 26,7781.68 (close)

Hong Kong - Hang Seng Index: UP 2.9 percent at 20,697.36 (close)

Shanghai - Composite: UP 0.2 percent at 3,130.24 (close)

Euro/dollar: DOWN at $1.0722 from $1.0725 on Thursday

Pound/dollar: UP at $1.2633 from $1.2600

Euro/pound: DOWN at 84.88 pence from 85.12 pence

Dollar/yen: DOWN at 126.95 yen from 127.12 yen

Brent North Sea crude: UP 0.3 percent at $117.73 per barrel

West Texas Intermediate: DOWN less than 0.1 percent at $114.00

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A.F.Rosado--PC