(Bloomberg) -- Stocks and bonds climbed globally alongside U.S. equity futures on Friday, ending the week in a sea of green while the dollar halted an eight-day rally as investors reviewed the unprecedented rush of measures to shield jobs and economies from the pandemic. Oil extended a rebound.
The Stoxx Europe 600 Index opened higher, led by health-care and industrial goods shares, amid tentative signs of returning appetite for riskier assets. Contracts on the three main American equity indexes all climbed after their underlying gauges eked out increases on Thursday. Asian shares rose, with gains in Seoul topping 7% and and in Hong Kong more than 4%, though a strong advance in Australia fizzled out.
Treasuries advanced when trading resumed in the European morning from a holiday halt in Japan, with traders reporting thin liquidity. The dollar weakened against its major peers after vaulting more than 8% in the previous eight sessions.
Investors are weighing a spiraling toll of virus infections and deaths against flickers of optimism seen on Wall Street on Thursday, when Tesla Inc., Twitter Inc. and Netflix Inc. all rebounded by at least 5%. President Donald Trump sought to reassure skeptical Republicans that he’s aiming to help workers through the crisis, not necessarily corporations, a priority made all the more urgent after data showed U.S. jobless claims came in higher than expected.
“We are now starting to lean into risk,” Chad Morganlander, senior portfolio manager at Washington Crossing Advisors, told Bloomberg TV. “The tail of this is going to be potentially somewhat more extended than what the overall market thinks, so we’re not going to get back to business as usual for the next three months, but the policy backdrop across the globe will help soften the blow.”
In the latest virus developments,
Global deaths top more than 10,000, according to Johns Hopkins UniversityBank of England cancels annual bank stress testsCalifornia governor issues statewide order to stay at homeCathay Pacific and Cathay Dragon to reduce capacity 96%
Elsewhere, Australian bond yields, which saw an historic surge on Thursday, retreated as the central bank undertook the first of its daily bond-buying operations, taking up A$5 billion ($3 billion) across the yield curve.
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https://finance.yahoo.com/news/asia-stocks-rise-tepid-rally-214042022.html
2020-03-20 07:18:00Z
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