U.S. Treasury Secretary told Nancy Pelosi that President Donald Trump wants agreement on a comprehensive aid package. The three main U.S. benchmark earlier closed up despite conflicting comments from Trump and Pelosi that whipsawed markets. The Dow notched up 0.43% at the close, with the S&P 500 advancing 0.80% and the tech-heavy Nasdaq bagging 0.50%. Shares in Japan dipped on Friday, while rising in Hong Kong and Australia. Chinese equities advanced as markets reopened after a week-long holiday. The local bourse slipped 0.36% on Thursday at the close to 54,554.85, weighed down by retailers and banks that lost 1.04% and 1.94%respectively. The local currency is 0.50% firmer at 16.5090 to the dollar, flat at 0.06% for the week. We’ looking forward t a positive start at the opening locally, with IG markets up 112 points.
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Global equities are edging back toward last month’s all-time high and are having the best week since the start of July with investors increasingly betting that a Joe Biden victory in the November election and gains by Democrats in Congress will support stocks.
European stock markets all closed in the green on Thursday alongside gains for Wall Street on the back of hopes for further fiscal stimulus. The pan-European Stoxx 600 advanced 0.78%, alongside a jump of 0.88% for the German Dax. The FTSE100 gained 0.53%, while the CAC-40 was 0.63% firmer. U.S. initial jobless claims fell from a revised print of 849,000 to 840,000 in the week ended 3 October, shy of expectations for a reading of 825,000. The reading marked the sixth straight week that saw claims hover at around 800,000, indicating a potential slowdown in the US labour market recovery. U.S. stock index futures in positive territory: both the Dow and Nasdaq futures up 0.41%, alongside the S&P 500 futures advancing 0.47% up.
Asian stock markets followed Wall Street higher on Friday on hopes Washington will provide more aid to the struggling U.S. economy. Benchmarks in Shanghai up 1.71% , Hong Kong 2.33% firmer and Australia flat 0.05%. Tokyo was off 0.3%. Gold was boosted by a weaker dollar, while investors were once again optimistic over the latest U.S. stimulus measures. Gold futures jumped 0.89% to $1,910.25, climbing above the $1.900-mark. The dollar was down on Friday. Oil was down on Friday, ending the week with a breather as a strike in major producer Norway threatens to slash the country’s supply by up to 25%.
Happy Friday. Enjoy Weekend 😉