In Asian Equity Markets stocks were mixed on Friday morning after U.S. equities rose on earnings. But a decline in Hong Kong and hesitant performance in China hampered Chinese equities. Japan’s Nikkei 225 gained 0.53 percent. South Korea’s KOSPI jumped 0.68 percent. In Australia, the ASX 200 rose 0.91 percent. Hong Kong’s Hang Seng Index was down 1.41 percent. China’s Shanghai Composite was down 0.57 percent while the Shenzhen Component was down 0.59 percent.

In Currency Markets the Japanese yen headed toward its best month in almost three years on Friday as growth worries have driven U.S. yields sharply lower and squeezed speculators out of crowded short yen positions. Waves of buying lifted the yen about 1 percent in the Asia session, extending Thursday’s gains. It is up 2 percent for July and touched 132.76 per dollar, a six-week high. The euro was last 0.2 higher at $1.0214, but it faces stiff resistance at $1.0278. Sterling was flat at a one-month high of $1.2203 on Friday at $1.2189 and up for the week and the month.

In US Equity Markets stocks on Thursday rallied for a second day, with all three major indexes ending up more than 1 percent as data showing a second consecutive quarterly contraction in the economy fueled investor speculation the Fed may not need to be as aggressive with interest rate hikes as some had feared. The Dow rose 1.03 percent, to 32,529.63 the S&P 500 gained 1.21 percent, to 4,072.43 and the Nasdaq Composite added 1.08 percent, to 12,162.59. Among declining stocks, Facebook and Instagram parent Meta Platforms Inc fell 5.2 percent after it posted its first-ever quarterly decline in revenue.

In Commodities Markets oil prices were mixed on Thursday as concerns about a potential global recession that would knock energy demand offset lower U.S. crude inventories and a rebound in gasoline consumption. Brent crude futures rose 52 cents to settle at $107.14 a barrel. U.S. WTI crude fell 84 cents to settle at $96.42 a barrel, after rising $2.28 in the previous session. Spot gold extended gains on the data and was last up 1.1 percent at $1,752.39 per ounce. Silver rose 4.3 percent to $19.94, while platinum fell 0.2 percent to $885.00. Palladium rose 2.6 percent to $2,083.69.

In European Equity Markets Europe’s STOXX 600 index closed near a seven-week high on Thursday, boosted by a slew of upbeat earnings from companies including Moncler and Ipsen, while weak U.S. GDP data eased worries about the future pace of U.S. interest rate hikes. The pan-European index ended 1.1 percent higher at 432.77 points with shares of Ipsen rising 16.2 percent after the biopharmaceutical group reported strong results and raised its outlook. Spain’s IBEX 35 index fell 0.5 percent as the euro zone’s second-biggest lender, Santander, fell after missing profit estimates.

In Bond Markets yields fell as Treasuries rallied on Thursday after data showed the U.S. economy contracted again in the second quarter, suggesting to investors that the Federal Reserve may not need to be so aggressive in trying to cool runaway inflation. The yield on benchmark 10-year Treasury notes retreated, sliding 5.1 basis points to 2.681 percent, after trading higher at 2.783 percent just before the Commerce Department released the GDP report. The two-year note’s yield, which typically moves in step with interest-rate expectations, fell 8.3 basis points at 2.889 percent.

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