(Bloomberg) — Asian stocks rose as U.S. stocks rebounded into after-hours trading after a series of strong results from tech giants.
Most Read Articles on Bloomberg
Australian and South Korean stocks edged higher, while Hong Kong stock contracts also rose. U.S. stock futures rose early in Asian markets as the S&P 500 index and the tech-heavy Nasdaq 100 index both rose more than 1% on Thursday.
U.S. Treasuries were firm after Thursday’s rally sent the 10-year Treasury yield down 3 basis points. Australian yields fell early on Friday, but New Zealand government bonds were stable.
The move comes ahead of the release of U.S. non-farm jobs data later on Friday, which is expected to show a slowdown in new jobs being added to the economy. Separate statistics released Thursday showed an increase in jobless claims, suggesting a softening labor market.
“Traders are not giving up on the possibility of a sooner-than-expected rate cut,” said Fawad Razaqzada of City Index and Forex.com. “These expectations could rise even further if upcoming U.S. data turns bearish.”
Precious metals prices rose for a fourth session on rising U.S. Treasuries and renewed demand for gold, signaling further worries for U.S. regional banks.
The U.S. regional financial index is on pace for its worst week since May last year in the aftermath of the banking crisis. The decline came after Citizens Financial Group’s CEO said the problems that led to the collapse of several lenders last year are largely a thing of the past.
In Asia, datasets such as South Korea’s inflation, Japan’s monetary base, and Australia’s producer price report will be released. Investors will focus on Japan’s Aozora Bank, which fell sharply on Thursday, while banking giant Mizuho Financial Group is likely to report a decline in third-quarter net profit when it releases its results later today.
The dollar index stabilized after Thursday’s decline reflecting lower U.S. yields, while the yen rose slightly to open little changed on Friday. The British pound was flat after gaining on Thursday, when the Bank of England warned that price pressures could flare up again.
Meta Platforms rose as much as 15% in post-market trading following strong results. The company announced its first-ever quarterly dividend of 50 cents per share and authorized an additional $50 billion in stock buybacks. Amazon.com’s stock price rose about 9% after the bell after the company reported strong sales. The momentum outpaced a decline at Apple Inc., which revealed a deepening recession in China, even though overall sales increased.
“Some of the gains were fantastic,” Max Wasserman, founder and senior portfolio manager at Miramar Capital, told Bloomberg TV. “You’re hearing good numbers from Meta, you’re hearing decent numbers from Amazon. One thing to note is you’re not hearing great numbers from Apple.”
Thursday’s rise in U.S. stocks marked a rebound from the previous session, when stocks fell after the Federal Reserve resisted the prospect of cutting interest rates in March.
Goldman Sachs Group, Bank of America and Barclays are among the last holdouts on Wall Street, which had expected the Fed to begin lowering benchmark interest rates as early as March, but the central bank’s Expectations for interest rate cuts have been postponed until after the policy ends. Wednesday meeting.
Swap contracts predicting the outcome of upcoming Fed meetings are pricing in about 150 basis points of easing this year, with the first move fully priced in May.
Oil prices regained Thursday’s losses. The stock fell after Bloomberg News reported that negotiations are progressing toward a deal to suspend the Israel-Hamas war and release civilian hostages.
The main movements in the market are:
stock
-
As of 9:29 a.m. Tokyo time, S&P 500 futures were up 0.5%.
-
Hang Seng futures rose 0.6%.
-
Japan’s Topix remains almost unchanged.
-
Australia’s S&P/ASX 200 rises 1%
-
Euro Stoxx50 futures fall 0.3%
currency
-
Bloomberg Dollar Spot Index little changed
-
The euro was almost unchanged at $1.0879.
-
The Japanese yen remained almost unchanged at 146.29 yen to the dollar.
-
The offshore yuan was little changed at 7.1867 yuan to the dollar.
-
The Australian dollar rose 0.2% to $0.6582.
cryptocurrency
-
Bitcoin rose 0.4% to $43,260.17
-
Ether rose 0.3% to $2,310.92
bond
-
The 10-year government bond yield was almost unchanged at 3.88%.
-
Japan’s 10-year bond yield fell 1.5 basis points to 0.675%.
-
The Australian 10-year bond yield fell 4 basis points to 3.97%.
merchandise
This article was produced in partnership with Bloomberg Automation.
Most Read Articles on Bloomberg Businessweek
©2024 Bloomberg LP