Asian Stocks Advance, Tech Stocks Boost U.S. Stocks: Market Roundup

(Bloomberg) - Asian shares rose Friday after a rebound in U.S. stocks led by a rally in the world's biggest technology companies.

Top Reads from Bloomberg

U.S. Believes Iran and Its Proxies Are About to Launch Missile Attacks on Israel
Vietnamese tycoon Lan sentenced to death in $12 billion fraud case
Apple plans to overhaul its entire Mac lineup with AI-focused M4 chip
U.S. Slams Crackdown on Russia's Oil Smelters as Risk to Oil Markets
Russian Attack on Ukraine Raises Fears of Troops Close to the Brink of Collapse

Japanese stocks rose, Australian shares were little changed and Hong Kong futures fell. U.S. stocks were about steady after the S&P 500 climbed on Thursday and the tech-heavy Nasdaq Resonance 100 closed up more than 1.5%. The solid economy is expected to drive profit growth for U.S. companies, with strong margins at large tech firms the main driver.

Treasuries rose slightly in Asia after Thursday's sell-off pushed 10-year yields four basis points higher. U.S. producer prices rose the most in 11 months in March from a year earlier. Australian and New Zealand bonds faced selling pressure on Friday morning.

"It's not going to be the Fed's rate cuts that move the market forward, it's going to be corporate earnings," said George Ball, chairman of Sanders Morris." Even in this high interest rate environment, corporate earnings have been much stronger than one would expect."

In Asia, the yen stabilized after further weakness on Thursday. After the yen against the dollar exchange rate fell to the weakest level since 1990, the Japanese stuff warned that will consider all the options to deal with the yen's weakness, traders will once again pay attention to the yen trend.

"Whether this involves currency intervention or not, we are constantly prepared to deal with all kinds of situations," Masato Kanda, Japan's top monetary official, told reporters Thursday morning. Finance Minister Shunichi Suzuki later issued a similar warning, telling reporters that officials were watching the currency "with a high sense of urgency."

The offshore Renminbi (RMB) strengthened against the US dollar for the fourth time in five sessions, and investors will be closely monitoring the movement of the offshore RMB. The offshore RMB strengthened on the back of support from the People's Bank of China on Thursday.

Decrease in the number of interest rate cuts

Larry Tentarelli of the Blue Chip Daily Trend Report believes that despite the constructive nature of the latest PPI data, investors should be prepared for fewer rate cuts this year - one or two - with the first cut likely to come in July. meeting in July.

"While we understand people's frustration with the report, there is nothing encouraging in it, except to say, 'And no new bad news,'" said Michael Shaoul of Marketfield Asset Management. There is no new bad news.

Federal Reserve Bank of New York Governor John Williams said the central bank has made "tremendous progress" in better balancing inflation and employment targets, but added that there is no need to cut interest rates "in the near term." Thomas Barkin, governor of the Central Bank of Richmond, said the U.S. central bank still needs to work on controlling price pressures and can take its time before cutting rates.

The U.S. earnings season kicks off on Friday, with a handful of U.S. banks set to release their financial results. Bloomberg Intelligence (Bloomberg Intelligence) compiled data show that Wall Street expects S&P 500 members to report annualized earnings per share growth of 3.8% for the first quarter reporting period. according to BI's data, Apple Inc, Microsoft Corp, Alphabet Inc, Amazon.com Inc, Nvidia Corp, Meta Platforms Inc. and Tesla Inc. the "Big 7" will see their profits grow by 38% in the first quarter.

Elsewhere in Asia, data will be released on industrial production in Japan, inflation in India and trade data in China. The Bank of Korea will announce its monetary policy decision. Markets are closed in Indonesia, Thailand and Dubai.

On the commodities front, gold held steady in early Asian trade after climbing to a new record on Thursday on the back of the US inflation report. Meanwhile, oil was higher on Friday after falling in the previous session as rising U.S. inventories clouded the possibility of an attack on Israel by Iran or its proxies.

Important events this week

Friday's China Trade
On Friday, the University of Michigan Consumer Confidence Index
On Friday, Citigroup, JPMorgan Chase and Wells Fargo will announce industry results.
On Friday, San Francisco Fed matron Mary Daly spoke.

Main Market Movements

stock (market)

As of 9:11 a.m. Tokyo time, S&P 500 futures were little changed.
Hang Seng Index futures down 0.6
Japan's Topix Index rose 0.2 percent.
Australia S&P/ASX 200 Index down 0.5%
Euro Stoxon 50 futures fell 0.7 percent.

Currency

Bloomberg Dollar Spot Index little changed
Euro exchange rate little changed at US$1.0727
The yen was little changed at 153.14 yen per US dollar.
The offshore RMB exchange rate was little changed at US$7.2556 per US dollar.
Australian dollar flat at $0.6538

Encryption Currency

Bitcoin down 0.3% at $70,296.76
Ether falls 0.3% to $3,512.32

debentures

The yield on 10-year government bonds fell two basis points to 4.57 percent.
Japan's 10-year yield fell one basis point to 0.850
The Australian 10-year yield rose 3 basis points to 4.29 percent.

bulk commodities

West Texas Kerosene Intermediate crude up 0.6% to $85.56 per barrel
Spot gold rose 0.2% to $2,376.40 per ounce

This story was produced with the help of Bloomberg Automation.

Related Posts

Elon Masse resonance salary agreement vote is ultimate test of Tesla's 'memorandum stock,' investors say

Korea's market watchdog urges companies to listen to shareholders seriously

The Chief Information Officer says the stock market is in for a tough "reset" that could take years to recover from

Leave a ReplyCancel Reply