Asia Apr 9
After a Wall Street rally on Fed Powell's assurance that the central bank would reinvigorate the economy without stoking painful inflation, global stocks traded near record highs on Friday.
Japan rose, but Hong Kong and China fell, as an index of Asia-Pacific stocks edged higher. The fastest producer price inflation in China since 2018 was reported, according to data. US futures rose after the S&P 500 reached a new peak despite light trading volumes on US exchanges. On tech stock rallies, the Nasdaq 100 outperformed.
Treasury yields have risen as a result of Powell's promise, with the benchmark yield hovering near a two-week peak. Treasury 20-year bonds performed well after remarks from New York Fed Executive Vice President Logan sparked discussion of increased central-bank purchases in this maturity. The dollar held losses.
Saudi Arabia defended the OPEC+ initiative to raise production and said the group would change direction if necessary, pushing oil closer to $60 a barrel.
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