· Dow futures up more than 200 points after Nasdaq Composite claws back 2020 losses, jobs report ahead
U.S. stock futures rose early Friday morning after more gains in tech led to the Nasdaq Composite erasing all of its losses for 2020.
Dow Jones Industrial Average futures were up by 235 points, implying an opening gain of about 276 points on Friday. S&P 500 and Nasdaq 100 futures also pointed to Friday opening gains for the two indexes.
· Asian shares rose on Friday as a phone call between U.S. and Chinese officials raised hopes that trade tensions were easing, turning the focus away from looming data expected to show the American economy lost the most jobs since the Great Depression.
MSCI’s broadest gauge of Asian share indexes outside Japan was 1.19% higher and Japan’s Nikkei gained 2.56%.
The news lifted U.S. stock futures, pushing E-minis for the S&P 500 up 1.14% to 2,912.75.
· Japanese shares advanced on Friday, in line with Wall Street’s gains, as news of top trade representatives of China and the United States holding a phone talks calmed investors worried about simmering Sino-U.S. tensions, with cyclicals leading the rally.
The benchmark Nikkei average climbed 2.6% to a one-week closing high of 20,179.09. The index was up 2.9%, rising for a second week, although there were only two trading days this week due to public holidays.
Top U.S. and Chinese trade representatives discussed their Phase 1 deal over the phone on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.
· China stocks closed higher on Friday as investors cheered Beijing opening up its financial markets further to foreign investors and talks between U.S. and Chinese trade officials.
China finalised rules on Thursday that would scrap quotas under two major inbound investment schemes, giving qualified foreign institutions unlimited access to Chinese stocks and bonds.
At the close, the Shanghai Composite index was up 0.83% at 2,895.34 and the blue-chip CSI300 index rose about 1%. For the week, SSEC gained 1.2%, while CSI300 was up 1.3%.
Adding to the upbeat mood, top U.S. and Chinese trade representatives discussed their Phase 1 trade deal on Friday, with China saying they agreed to improve the atmosphere for its implementation and the United States saying both sides expected obligations to be met.
· European shares rose on Friday as signs of improving U.S.-China relations gave a fresh dose of optimism for investors counting on the easing of lockdowns to spark a recovery in global growth.
The pan-European STOXX 600 rose 0.7% by 0712 GMT. London markets were closed for a public holiday.
Reference: CNBC, Reuters
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