Asian shares rebounded on increasing risk appetite, putting a regional gauge on course for a sixth consecutive week of gains, and Treasuries steadied as concerns about US fiscal policy eased. The MSCI Asia Pacific Index advanced 0.6% while futures for the S&P 500 rose 0.1%. Contracts for European stocks also gained. The yield on the 30-year US Treasury held at 5.04%. The Bloomberg Dollar Spot Index dropped 0.2%, extending this week’s loss to 1.2%. That’s the biggest move in six weeks. Bond markets this week have reflected investors’ concerns about the fiscal health of the US economy, which was amplified after Moody’s Ratings downgraded the nation’s top credit rating last week. That broke a relative calm in financial markets after a month of turmoil from US President Donald Trump’s tariff blitz. US stocks had even rallied to within striking distance of a bull market. Thursday’s rebound in Treasuries came after the bond market sold off recently to reflect worries about the US’ surging debt load. Investors are concerned that Trump’s signature tax bill, which narrowly passed the House, would boost the nation’s already swelling deficit. With the yield on 30-year Treasury bonds again passing the 5% mark on Wednesday, the nation’s creditors injected a dose of harsh economic reality into Trump’s fiscal policy. Improvement in sentiment on the trade front is also helping Asian stocks. Beijing and Washington continued high-level contact with a Thursday call between senior officials, a sign that the two sides are maintaining active communications following their trade truce earlier this month. Japan’s top trade negotiator Ryosei Akazawa set off Friday for the US for a third round of trade talks, with Tokyo determined to avoid a deal that doesn’t address levies on its key auto industry. In Japan, the key inflation gauge accelerated at the fastest clip in two years, fueled by rising food and energy costs. Consumer prices excluding fresh food rose 3.5% from a year earlier in April, quickening from a 3.2% gain in the previous month. The yen was slightly stronger. Meanwhile, Federal Reserve Governor Christopher Waller said the central bank could cut interest rates in the second half of 2025 if the Trump administration’s tariffs on US trading partners settle around 10%. Separately, the US Supreme Court shielded the Fed from Trump’s push to oust top officials at independent federal agencies, in a decision likely to quell concerns that the president might move to fire Jerome Powell. In commodities, gold headed for the biggest weekly gain in more than a month. Oil headed for its first weekly decline in three, as OPEC+ weighed another bumper production increase that could add supplies into a market already expected to face a glut.
Nikkei +0.61% Hang Seng +0.55% CSI +0.00%% Shanghai -0.10% Shenzen +0.23%
Eur$ 1.132 CNH 7.1979 CNY 7.2007 JPY 143.47 GBP 1.3452 CHF 0.8264 RUB 79.7025 TRY 39.0244 WTI$ 60.77 -0.70% Gold 3,315 +0.62% BTC 110,875 -0.20% ETH 2,703 +2.36%
S&P -0.05% Nasdaq -0.16% EuroStoxx +0.07% FTSE +0.25% Dax +0.02% SMI +0.24%
Macro :
- Nuclear-Power-Related Stocks Jump on Report Trump Plans Order
- UBS’ Lefkowitz Raises S&P 500 Target to 6,000 on GDP Growth
- Japan Says It’s Monitoring Harvard Intl. Student Issue Closely
- Big Banks Explore Venturing Into Crypto World Together With Joint Stablecoin -- WSJ
- EU to Postpone Carbon Fiber Restrictions for Autos: Kyodo
- Jane Street Earns $2.3 Billion Riding India Options Trading Wave
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