TOKYO (AP) — Global stocks rose Friday on gains on Wall Street, with the S&P 500 index back within 1% of its all-time high.
In London, the FTSE 100 index rose 0.8% after the government reported that the UK economy had rebounded strongly in the first three months of the year, ending what economists called a “technical recession”. It rose to 8,448.34.
France's CAC40 rose 0.8% to 8,253.19 in early trading, while Germany's DAX rose 0.8% to 18,830.43.
Dow Jones Industrial Average futures rose 0.3%, while S&P 500 futures rose 0.4%.
Japan's benchmark Nikkei Stock Average rose 0.4% to end at 38,229.11.
A foreign exchange trader walks past a screen displaying the Korea Composite Stock Price Index (KOSPI) (left) and the exchange rate between the US dollar and the Korean won in the foreign exchange dealing room at the KEB Hana Bank headquarters in Seoul, South Korea. Friday, May 10, 2024 (AP Photo/Ahn Young Joon)
Photo: ASSOCIATED PRESS/Ahn Young Jun
Japan's Finance Ministry reported a record current account surplus for the fiscal year to March, as strong auto exports reduced the trade deficit and solid returns from overseas investment.
Australia's S&P/ASX 200 rose 0.4% to 7,749.00 and South Korea's Kospi rose 0.6% to 7,749.00.
Hong Kong's Hang Seng Index rose 2.3% to 18,963.68, while the Shanghai Composite Index was little changed, rising less than 0.1% to 3,154.55.
China's price data, expected on Saturday, will be closely watched to see if the economy regains momentum.
“Despite efforts, China has been grappling with consumer deflation for almost a year, presenting formidable challenges that the Chinese government has yet to overcome,” said Stephen Innes, managing partner at SPI Asset Management. Stated.
On Thursday, the S&P 500 rose 0.5% and the Dow Jones Industrial Average rose 0.8%. The Nasdaq Composite rose 0.3%.
Federal Reserve Chairman Jerome Powell said last week that the central bank is still closer to cutting key interest rates than raising them, even though inflation has continued to be high this year.
Friday's weaker-than-expected jobs report suggests the U.S. economy may manage to avoid getting too hot or too cold.
In other trading, benchmark U.S. crude oil rose 48 cents to $79.74 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, added 41 cents to $84.29 a barrel.
The dollar rose to 155.71 yen from 155.50 yen.
Although a weaker yen contributes to an increase in export earnings, it also reduces purchasing power, which is both a blessing and a cause for concern for Japan.
Expectations are rising that the Bank of Japan will start raising interest rates, but it is unclear exactly how much and when they will raise interest rates. A year ago, the US dollar was trading at around 130 yen.
The euro rose from $1.0782 to $1.0786.
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