Asian stocks wobbled to open on Friday after a rally on Wall Street over assurances from Federal Reserve Chairman Jerome Powell that the central bank can reinvigorate the economy without stoking painful inflation.
Stocks gained in Japan and fluctuated in South Korea, while the Australian index slipped. US contracts climbed after the S&P 500 hit another record high, although volumes on US exchanges set new lows for the year. The Nasdaq 100 outperformed, helped byApple Inc. andInsurance from Tesla Inc. Powell boosted Treasuries, with the benchmark yield trading around a two-week low.
Oil edged up to $ 60 a barrel as Saudi Arabiadefended the OPEC + plan to increase production, and said the alliance was nimble enough to change course if necessary. The dollar had losses.
20-year Treasury bondsoutperformed after comments from New York Fed Executive Vice President Lorie Logan, which sparked discussions about increasing central bank purchases in this maturity.
The Fed’s comment reassures investors that officials are determined to adopt an accommodative policy that promotes a lasting recovery from the health crisis. Powellsaid the central bank would react if inflation expectations began to “persistently and materially” move above tolerable levels. Despite the strength of some indicators, the recovery remains incomplete, as evidenced by the latestunemployment benefit claims.
“Many investors are worried about stock highs, but that doesn’t mean they can’t rise, and the economic conditions are certainly set for a positive stock market environment,” said Xi Qiao, managing director of UBS Global Wealth Management on Bloomberg TV.
The US outlook has improved greatly, but remains threatened with possible setbacks in the global economy, as vaccine rollout “has not been as robust in many countries,” said San Francisco Fed President , Mary Daly, at Bloomberg TV.
Over 704 million vaccines have been administeredaround the world, but China is among those facing new hurdles as its efforts to immunize 560 million people by the end of June face a supply shortage. Data on the country’s consumer and producer prices are expected later in the session.
Here are some of the main movements in the markets:
- Futures on S&P 500 were up 0.3% at 9:20 a.m. Tokyo time. The S&P 500 closed 0.4% higher.
- Nasdaq 100 futures rose 0.4% after the index gained 1%.
- Japan’s Topix index rose about 1%.
- South Korea’s Kospi Index has fluctuated.
- The Australian S & P / ASX 200 index fell 0.3%.
- Hong Kong Hang Seng Index futures fell 0.2%.
- The Bloomberg Dollar Spot Index was little changed after falling 0.4%.
- The euro remained stable at $ 1.1915.
- The Japanese yen was trading at 109.35 per dollar.
- The yield on 10-year Treasury bills was little changed at 1.64%.
- The yield on Australian 10-year bonds fell two basis points to 1.72%.
- West Texas Intermediate crude climbed 0.4% to $ 59.84.
- Gold was slightly lower at $ 1,753.46 an ounce.
– With the help of Nancy Moran, Elena Popina and Edward Bolingbroke
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