Asian shares advanced Monday after Wall Street ended a rare winning week, capped by a 3.1% gain on Friday for the benchmark S&P 500. U.S. futures and oil...
BANGKOK — Asian shares advanced Monday after Wall Street ended a rare winning week, capped by a 3.1% gain on Friday for the benchmark S&P 500. U.S. futures and oil prices also were higher.
Optimism over China’s progress in controlling coronavirus outbreaks, as schools and businesses reopen, was also fueling buying, analysts said. Australia’s S&P/ASX 200 XJO added 1.9% while the Shanghai Composite index SHCOMP rose 0.9%. Stocks slipped in Indonesia JAKIDX but gained in Singapore STI and Taiwan Y9999 .Markets seemed unfazed by the possibility that Russia might default on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system amid its war in Ukraine.
The S&P 500 SPX notched a 6.4% gain for the week, erasing the brutal loss it took a week earlier, though it’s still close to 20% below its record set early this year. On Friday, it gained 116.01 points to 3,911.74 But pressure from rising Treasury yields has abated somewhat as investors speculate the Federal Reserve might be able to take a lighter touch in raising interest rates than earlier thought.
The yield on the 10-year Treasury, the bedrock for the world’s financial system, rose to 3.13% on Friday from 3.07% late Thursday. But it also has moderated after hitting 3.48% last week.A separate economic report on Friday showed sales of new homes unexpectedly accelerated last month. But the trend for housing has largely been downward because it’s at the leading edge of the Fed’s hikes.
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