Asian shares edged up near record highs on Friday after US President-elect Joe Biden proposed a $1.9 trillion stimulus plan to jump-start the world’s largest economy and accelerate its response to coivd-19.
Asian Shares
- MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1% around midday in Asia, just off a record high.
- Hong Kong’s Hang Seng added 0.32%, while Australia’s ASX 200 rose 0.17%.
- Japan’s Nikkei was down 0.21% after touching three-decade highs in the previous session,
- Chinese blue-chips lost nearly 1% amid worries over rising COVID-19 cases in the country.
Currency Markets
- In the currency market, the US dollar index, which had rebounded after hitting a nearly three-year low last week, was little changed on Friday at 90.27, and flat against the yen at 103.79, as Powell’s dovish statements offset support from the stimulus proposal.
- The euro nudged 0.05% lower to $1.2150.
- US yields stepped back after earlier rising on higher inflation expectations. Benchmark 10-year Treasury notes yielded 1.1122%, down from a US close of 1.129% on Thursday, while the 30-year yield dipped to 1.8514% from 1.874%.
Oil Prices
- Oil prices, which had risen on a weak dollar and strong Chinese import data, were mixed by midday in Asia as COVID-19 concerns in China hit sentiment.
- Brent crude oil futures fell 0.27%, to $56.27 a barrel while US crude was 1 cent higher at $53.58.
- Spot gold rose 0.24% to $1,850.77 per ounce.