Asian stocks rose with US equity futures Friday as a gauge of global shares headed for a second-straight quarterly gain, underscoring investor optimism in the face of banking turmoil and elevated interest rates.
Technology shares led global stocks this quarter, surging 19%, the most since mid 2020. The upbeat tone has been on display this week, with the S&P 500 climbing 0.6% Thursday in its third advance in four days. The Nasdaq 100 rose 0.9% overnight, pushing further into a bull market. Benchmark indexes in Japan and Hong Kong led Friday’s rally and were also on course for quarterly gains. The Topix index surged by more than 1% after slightly paring its gains on news that Japan would impose new restrictions on chip exports. The dollar, which has weakened this month, was little changed Friday against most major peers. It rose about 0.2% versus the yen. The gains Thursday in US stocks came as market watchers digested a round of Fed commentary suggesting more monetary tightening was necessary, even after the collapse of three US banks earlier this month. Boston Fed President Susan Collins said tightening was needed, while Richmond Fed President Thomas Barkin said the Fed can raise rates more if inflation risks persist. Positive signals out of China are helping the Bloomberg Commodity Index pare its quarterly loss, with oil recovering half of the ground it lost since early March. An official gauge of manufacturing released Friday showed China managed to keep the momentum in its economic recovery March, falling only slightly to 51.9 from 52.6 in February, and beating the median of estimates from economists. Most market watchers are still betting on China’s recovery underpinning a price rally later this year. That optimism is also apparent in share sale plans for Chinese equities. Alibaba Group Holding Ltd.’s logistics arm Cainiao Network Technology Co. — currently valued at more than $20 billion — has started preparations with banks for its Hong Kong initial public offering. Meanwhile, shares in rival JD.com soared in the US after two of its subsidiaries filed for IPOs in Hong Kong. Traders were still on guard for any choppiness amid quarter-end rebalancing from pension funds and options hedging activity. And they continue to debate the extent to which policy makers may cut interest rates this year. Still, several strategists have said markets are wrong to expect cuts by the Fed this this year as the labor market remains robust, though US unemployment claims ticked up for the first time in three weeks. High inflation — as measured by the so-called PCE Core Deflator due Friday — is expected to have persisted last month. oil traded near a two-week high. Gold was little changed on Friday, but headed for the biggest monthly gain since July 2020. US After Hours RUM +19.3% up huge on Q4 earnings; MCB +12.8% surging after noting that it is well capitalized; NKLA -5.7% tumbling on stock offering; BB -2.2% down on mild FebQ earnings.
Nikkei +0,91% Hang Seng +0,87% CSI +0,16% Shanghai +0,22% Shenzen +0,41%
Eur$ 1,0907 6,8603 CNY 6,8601 JPY 132,78 GBP 1,24 CHF 0?9136 RUB 77,2824 TRY 19,1750 WTI$ 74,34 Gold 1,981,23 BTC 28,169 ETH 1,803
S&P +0,17% NAsdaq +0,23% EuroStoxx -0,03% FTSE -0,03% Dax +0,08% SMI +0,05%
Macro :
- Goldman’s Rubner Sees Stocks Primed for Further Gains in April
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