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Asian Stocks, U.S. Futures Steady; Dollar Ticks Up: Markets Wrap
This content was published on May 21, 2021 - 02:41
May 21, 2021 - 02:41
(Bloomberg) Asian stocks were steady Friday after a Wall Street rebound as traders weighed the economic recovery from the pandemic as well as the possibility of reduced U.S. stimulus. The dollar pared a decline.
Shares rose in Japan but slipped in Hong Kong and China. Overnight, nearly all major industry groups in the S&P 500 pushed higher, while the Nasdaq 100 rallied past its 50-day moving average. A drop in U.S. initial jobless claims put the focus back on the economic recovery, but there are lingering fears price pressures imperil loose financial conditions. U.S. equity contracts fluctuated.
Stocks, U.S. Futures Rise at End of Volatile Week: Markets Wrap
This content was published on May 21, 2021 - 09:13
May 21, 2021 - 09:13
(Bloomberg) Stocks and U.S. futures rose on Friday as investor optimism got a boost from strong economic readings and earnings reports. Oil climbed.
European equities climbed after data showing a recovery in the region led by services, while luxury shares got a boost as Richemont climbed on sales that topped estimates. Contracts on key U.S. benchmarks rose, signaling more gains after Thursday’s rebound fueled by better-than-forecast jobless claims data. Asian shares were mostly higher, although they slipped in China.
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Gold was on its way to a sixth straight gain, with buyers shrugging off concerns over Federal Reserve minutes Wednesday that showed some policy makers open to talking about tapering bond purchases. Rising inflation expectations and the Fedâs pledge to keep rates low for longer have revived interest in gold, highlighted by rebounding holdings in exchange-traded funds backed by the metal.
(Bloomberg) U.S. stocks dropped from the highs of the day as investors were whipsawed in part by volatile trading in high risk assets such as Bitcoin while they mulled recent economic readings and earnings reports. Oil rose for the first time in four trading sessions. Financials, energy and industrial shares led the S&P 500 higher for a second day. The tech-heavy Nasdaq 100 swung between gains and loses. Bitcoin resumed its selloff Friday after China reiterated a warning that it intends to crack down on cryptocurrency mining as part of an effort to control financial risks. “For people to say Bitcoin shouldn’t influence equity prices on a short-term basis, that’s crazy,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “We live in a 24/7 market and at least in the short term, it’s run by algorithms and they all trade the same stuff. When you get a negative headline you’re going to see it all sell.” European shares climbed e