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.
Asian Stocks
- 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.
Currency
- 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.
Bonds
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%.
Commodities
- 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.
