Stock market today: Asian shares mostly rise on hopes for US debt deal, but China declines

Asian shares are mostly higher as hopes grow that the U.S. Congress will reach a deal to avoid a default on the nation’s debt. Benchmarks rose in Friday trading in Tokyo, Seoul and Sydney. Chinese shares fell on worries about the extended COVID-19-related lockdown, inflationary pressures and geopolitical risks. Stocks rose on Wall Street after more companies reported better profits than expected. Much scrutiny has been on the retail industry because strong spending by U.S. households has been one of the main pillars keeping the slowing economy out of a recession. Treasury yields climbed as traders increased bets that the Fed would raise rates again at its June meeting.