Asian stocks rise amid the hope of more stimulus hopes
Asian stocks rose on Friday as investors wagered policymakers will roll out more stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.
- MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.2%.
- Australian shares gave up gains to fall 1.09%, but Japan’s Nikkei rose 1.44%.
- E-Mini futures for the S&P 500 reversed course and fell 0.95% in Asia after three consecutive days of gains in the S&P 500 on Wall Street.
- In the currency market, the greenback fell 0.89% to ¥108.64 in Asia, on pace for a 2% weekly decline.
- The dollar was also headed for weekly declines against the Swiss franc, pound and euro.
The yield on benchmark 10-year Treasury notes rose slightly in Asia to 0.8160%, while the two-year yield edged up to 0.2809%.
- US crude ticked up 2.08% to $23.07 a barrel.
- Brent rose 1.14% to $26.64 per barrel.
- Energy markets have been caught in a tug-of-war between hopes for stimulus spending and worries about excess oil supplies.
- Gold, normally bought as a safe haven, was slightly lower. Spot gold fell 0.44% to $1,626.16/oz.
- Gold market participants remained concerned about a supply squeeze after a sharp divergence between prices in London and New York. The virus has grounded planes used to transport gold and closed precious metal refineries.