· Asian stocks set for best weekly gain in nine years, U.S. jobs eyed
Asian stocks extended gains on Friday and were poised for their biggest weekly rise since 2011 while the euro hit a 1-1/2 month high as Europe’s central bank surprised with more stimulus, fuelling hopes for a global rebound.
In a sign the positive mood was likely to spread elsewhere, E-mini futures for the S&P 500 jumped 0.8% to reach a three-month peak. Eurostoxx futures added 1.2%, futures for Germany’s Dax gained 1.25% while those for London’s FTSE were up 1%.
Investors are pricing in a global economic recovery despite data showing the severe damage wrought by the coronavirus lockdowns. Later in the day, U.S. nonfarm payrolls figures are expected to show further deterioration in the country’s jobs market.
MSCI’s broadest index of Asia-Pacific shares outside of Japan reversed early losses to hit a 12-week top of 511.73.
· Tokyo shares hit 3-1/2-month high on recovery hopes
Japanese stocks advanced to a 3-1/2-month high on Friday, tracking stronger U.S. futures, as sustained optimism about an economic rebound from a coronavirus-driven slump helped offset early profit-taking.
The benchmark Nikkei average reversed early losses to end 0.7% higher at 22,863.73, its highest closing level since Feb. 21.
For the week, the Nikkei gained 4.5% - its third straight weekly gain.
The broader Topix rose 0.5% on Friday to 1,612.48, its highest closing since Feb.21. The index also marked its third straight weekly gain, rising 3.1%.
· China stocks post best week in 2 months as Beijing signals support
The Chinese stock market climbed on Friday, wrapping up its best week in two months, as investors bet on Beijing to deliver more help for the economy as it recovers from the coronavirus outbreak and faces fresh tensions with the United States.
The Shanghai Composite index closed up 0.4% at 2,930.80. The blue-chip CSI300 index gained 0.5%. CSI300’s financial sector sub-index rose 0.2%, the consumer staples sector climbed 0.4%, while the real estate index fell 0.9%.
The smaller Shenzhen index gained 0.2%. The start-up board ChiNext Composite index was up 0.7%.
· Banks shine as European stock market rally resumes
European shares resumed their rally on Friday as a bumper stimulus from the European Central Bank fuelled hopes of a faster economic recovery, putting the main benchmarks on course for their best week in two months.
The pan-European STOXX 600 gained 1.2% by 0722 GMT, led by a 3% jump in bank stocks .SX7P. Insurers .SXIP, automakers .SXAP and travel stocks .SXTP also rose more than 2%.
Global equity markets have climbed strongly this week, with Wall Street indexes nearing record levels as investors focussed on re-opening of economies.
Reference: CNBC, Reuter
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