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Asian stocks are gaining ground on strong results from regional tech companies and US retailers, while investors are also reassured by Federal Reserve minutes that the Fed may halt its rapid interest rate gains later this year.
The change in the situation sent the dollar to its lowest level in one month. Within a month, the euro reached its highest level since April 25. However, optimism is likely to fade when European markets open. Euro Stoxx 50 futures held steady while German Dax futures were down 0.02% and Ftse 100 futures down 0.34%.
Caribou futures lose 0.19%. In the previous four days, picking posted a rise of 4.7%, with the index touching 8,900 points and an increase of more than 2% on the year.
Hong Kong shares rebounded 2.8% as Chinese tech firms rebounded on first-quarter revenue growth from Alibaba and Baidu, as well as hopes for price stability and more government stimulus. Japan’s Nikkei rose 0.6%.
The United States will not prevent China from developing its economy, but it does want China to adhere to international standards. Secretary of State Anthony Blinken said in comments on Thursday that some investors interpreted it as positive for bilateral relations.
Wall Street closed sharply higher overnight, after booming earnings expectations from retailers and an easing of concerns about sharp interest rate increases by the Federal Reserve. The Dow Jones Index is up 1.61%, the S&P 500 is up 1.99% and the Nasdaq Composite is up 2.68%.
Upbeat forecasts from retailers such as department store operator Macy’s and discount chains Dollar General and Dollar Tree appear to have offset bleak warnings from competitors in recent weeks.
In the commodity market, oil prices are hovering around two-month highs, with Brent crude on track to post its biggest weekly rise in a month and a half, buoyed by the arrival of the summer season in the US.
US crude rose 0.08% to $114.22 a barrel, while Brent crude rose 0.13% to $117.55 a barrel.
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