In Asian Equity Markets indices rose on Friday, as the release of China’s gross domestic product (GDP) numbers showed growth was in line with analyst expectations. Chinese markets rose following the release of those numbers. The Shanghai composite was up 0.47%. Hong Kong’s Hang Seng index jumped 0.54%. Australia’s S&P/ASX 200 jumped 0.55%, as major miners rose. Japan’s Nikkei 225 rose 0.38%, with most sectors rising. South Korea’s Kospi was flat after jumping earlier in the morning.
In Currency Markets the U.S. dollar scaled an eight-month high against the yen on Friday after upbeat U.S. retail sales and jobs data, while the yuan got a lift after China’s economic data brightened the mood already cheered by a Sino-U.S. trade deal. The dollar rose to as high as 110.305 yen, its strongest since late May in 2019, extending its rally from 107.65, a three-month low touched on Wednesday last week. The euro stood flat at $1.1133 while the British pound was also little changed at $1.3035.
In Commodities Markets oil prices were steady on Friday as investors braced for data expected to show China’s economic growth last year slid to its slowest pace in 29 years, holding on to gains for now after Washington and Beijing inked a long-awaited trade deal. Brent was 3 cents higher at $64.65, after gaining nearly 1% on Thursday. U.S. crude was up 6 cents at $58.58 a barrel, having risen more than 1% the previous session.
In US Equity Markets the S&P 500 crossed the 3,300 mark for the first time and the other main indexes hit record highs on Thursday, as encouraging retail sales data and upbeat Morgan Stanley earnings added to optimism from the signing of an initial U.S.-China trade deal. The Wall Street bank jumped 8% to the top of the S&P 500 after it beat quarterly profit estimates and raised its performance goals, closing out big U.S. lenders’ earnings on a strong note.
In Bond Markets Japanese government bond prices found support on Friday from familiar fears that the economy will stay stuck in the slow lane, even amid recent signs of a global recovery. Benchmark 10-year JGB futures rose 0.03 points to 151.94 in thin trade. Yields on shorter-dated paper were steady, with the two-year JGB yield flat at minus 0.130% and the five-year yield holding at minus 0.095%. The 10-year JGB yield was flat at 0.005%, after flirting with zero earlier in the week, while longer-dated yields fell.