Markets in Asia continued to rally on Beijing’s economic stimulus measures, and Japan’s ruling party chose former Defense Minister Shigeru Ishiba to become the country’s next prime minister.
- S&P 500 Futures: 5,799.00 ⬇️ down 0.1%
- S&P 500: 5,745.37 ⬆️ up 0.4%
- Nasdaq Composite: 18,190.29 ⬆️ up 0.6%
- Dow Jones Industrial Average: 42,175.11 ⬆️ up 0.62%
- STOXX Europe 600: 526.59 ⬆️ up 0.19%
- Nikkei 225: 39,829.56 ⬆️ up 2.32%
- SSE Composite Index 3,087.53 ⬆️ up 2.88%
- Bitcoin: $65,786.90 ⬆️ up 0.96%
China: Week’s second stimulus shot boosts markets
China stocks closed out their best week since 2008 as the country’s central bank cut its reserve requirement for banks as part of the stimulus measures announced this week to help property and financial markets. Despite a trading glitches that caused early delays at the Shanghai Stock Exchange, the Shanghai index posted a 2.88% gain Friday. Hong Kong’s Hang Seng index surged 3.55%, aided by a 19.4% gain at property giant New World Development on news that third-generation heir Adrien Cheng had resigned after leading the company to a $2.5 billion annual loss, its first in two decades.
Japan: Easing inflation and new PM candidate buoy markets
The Nikkei 225 rose 2.32%, aided by China optimism and dovish inflation numbers from Tokyo. The yen strengthened on the ruling party’s dubbing of former Defense Minister Shigeru Ishiba, who has been supportive of interest rate hikes, as next prime minister.
Europe: China stimulus and luxury boost shares
European stocks edged upwards Friday morning, aided by the arrival of China’s stimulus. The fashion sector led the way, with brands Moncler, Burberry and Kering all posting gains of over 5% in early trading. The STOXX Europe 600 was up 0.19% at around 11 a.m. CET.
U.S. pre-market trading slips as markets await data
All three U.S. indexes slid lower in pre-market trading Friday, as investors awaited the morning release of a batch of economic data, including trade numbers and the Fed’s favorite inflation gauge.
The Dow, Nasdaq and S&P 500 rise
On Thursday, the Dow rose 0.62% and the S&P 500 climbed 0.4%—hitting a new closing record, its 42nd of the year—while the tech-heavy Nasdaq added 0.6%, as investors prepared for Friday’s economic data dump. Micron rose 14.7% on the day, rewarded for its quarterly report, while AI-boom beneficiary Super Micro Computer dropped 12.2% on news of a fed probe into its accounting.