Asian stocks advanced and a gauge of global equities was on track for another record high on trade-deal optimism and increased expectations for Federal Reserve interest-rate cuts this year. Equities in Japan, Hong Kong and Australia rose Friday after the S&P 500 advanced 0.8% to within striking distance of a new high. The Nasdaq 100 achieved the feat on Thursday, helping MSCI’s global shares index to a record high. A gauge of Asia-Pacific stocks gained as much as 0.7% to the highest since September 2021. US stock futures edged upward. After markets closed in New York on Thursday, US Commerce Secretary Howard Lutnick said the US and China had finalized an understanding on trade following talks last month. Meanwhile, the Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the “revenge tax” proposal from President Donald Trump’s tax bill. There’s “a long list of positive headlines” out right now, said Chetan Seth, Asia Pacific equity strategist at Nomura. “Softening US yields amid rising Fed rate cut expectations,” and the US tax and trade developments, plus “in the background, the artificial-intelligence theme has regained momentum. So stocks appear to be climbing the proverbial wall of worry.” Treasuries slipped after rallying Thursday on increased expectations for Fed cuts. The swaps market has fully priced two further rate reductions this year and increased bets on a third. An index of the dollar was little changed after dropping for four straight sessions. The moves were driven by US economic data that supported the case for policy easing. Consumer spending grew in the first quarter at the weakest pace since the onset of the pandemic. As a result, gross domestic product slid at a downwardly revised 0.5% annualized rate. Recurring applications for unemployment benefits rose to the highest since 2021 — but initial claims fell. A flurry of Fed officials this week made clear they’ll need a few more months to gain confidence that tariff-driven price hikes won’t raise inflation in a persistent way. Economists see the personal consumption expenditures price index excluding food and energy — the Fed’s preferred gauge of underlying inflation — marking the tamest three-month stretch since the pandemic five years ago. In Asia, the yen fluctuated after inflation in Tokyo slowed for the first time in four months. China’s industrial firms saw their profits drop sharply in May, illustrating weakness in an economy strained by higher US tariffs and lingering deflationary pressure. Markets are closed in Indonesia and Malaysia. Copper stocks rose as Goldman Sachs analysts warned that shortages will get worse before levies come into effect. A key one-day copper price spread surged to the highest level in four years on the London Metal Exchange, placing fresh strains on buyers contending with a rapid decline in inventories fueled by US plans to impose tariffs on the metal.
Stock-market volatility is likely to remain higher in the second half of the year given lingering macro and policy uncertainty, according to Goldman Sachs Group Inc. strategists. The team led by Andrea Ferrario says stagflationary shocks remain a key risk for balanced portfolios amid tariff-induced inflation risks. US After Hours NKE +10.6%, AOUT +8.2% higher on earnings; CNXC -9.3% lower on earnings; INMB +82.3% as it will announce top line results on Monday.
Nikkei +1.40% Hang Seng -0.25% CSI -0.18% Shanghai -0.36% Shenzen +0.69%
Eur$ 1.1691 CNH 7.1688 CNY 7.1744 JPY 144.47 GBP 1.3729 CHF 0.8011 RUB 78.75 TRY 39.8368 WTI$ 65.52 +0.58% Gold 3,296 -0.94% BTC 107,542 -0.25% ETH 2,452 +0.22%
S&P +0.15% Nasdaq +0.18% EuroStoxx +0.57% FTSE +0.16% Dax +0.67% SMI +0.58%
Macro :
- Trump Tax Bill Hits $250 Billion Health-Care Snag in Senate
- Lutnick Says US-China Trade Truce Signed, 10 Deals Imminent
- Von Der Leyen Says EU Will Be Ready If US Trade Talks Break Down
Keep an eye on :
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