· Asian stocks gained on Friday as President Donald Trump’s plans to gradually re-open the U.S. economy offset data that showed China suffered its worst economic contraction on record due to the coronavirus outbreak.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 2.6% after reaching a five-week high. Shares in China rose 1.8% as the weak GDP data reinforced expectations that more stimulus is coming, while shares in Australia were up 2.62%.
E-Mini futures for the S&P 500 index traded 3.38% higher, also close to a five-week high.
· Japan’s share benchmark Nikkei hit its highest closing level in nearly six weeks on Friday, tracking gains in U.S. futures, supported by reports of a potential coronavirus treatment and President Donald Trump’s guidelines for re-opening the economy.
The Nikkei average advanced 3.2% on short-covering to finish at 19,897.26, its highest closing since March 9. For the week, the index eked out a 2.0% gain.
· China stocks ended higher on Friday as investors looked past the country’s first quarterly economic contraction in at least 28 years, pinning their hopes on a state-supported recovery as the impact of the coronavirus pandemic recedes.
At the close, the Shanghai Composite index was up 0.66% at 2,838.49. The blue-chip CSI300 index was up 0.98%, with its financial sector sub-index adding 1%, the consumer staples sector up 1.67%, the real estate index up 0.57% and the healthcare sub-index down 0.72%.
· European shares jumped on Friday, clawing back weekly declines as financial markets globally drew comfort from U.S. President Donald Trump’s plans for a gradual re-opening of the U.S. economy and reports of a potential drug to treat COVID-19.
The pan-European STOXX 600 index was up 2.5% at 0712 GMT, shrugging off data showing China suffered its worst economic contraction in almost three decades as the pandemic crushed business activity.
Reference: CNBC, Reuters
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