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Stocks cut weekly losses as China reopens: Markets end


(Bloomberg) – Global stocks pared their weekly losses as Chinese shares rallied as authorities tried harder to cushion the impact of Covid-Zero policy.

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European and US futures rose and a gauge of Asian shares headed for their biggest weekly gains since July. Hong Kong-listed technology shares rose as much as 10%.

Investors were cheered by news that US audit officials were ahead of schedule in spot checks on Chinese companies and the system of penalizing airlines for bringing cases of misconduct. withdrawn into the country may be eliminated.

Treasuries were little changed ahead of the US payrolls data update during the US session. A key segment of the curve on Thursday peaked at an inversion not seen since the 1980s. Such a curve inversion has a track record of previous recessions.

Swaps referencing future Federal Reserve meetings show an expected peak policy rate above 5.14% around mid-2023.

Japanese shares were the biggest drag in Asia on Friday as investors in Tokyo caught up after Thursday’s holiday.

The dollar weakened against all its Group 10 counterparts while the offshore yuan strengthened.

While similar rallies in Chine shares have all failed in recent months, bulls are now betting that some of the world’s lowest valuations have given the country’s shares a chance. price increase when there is any good sign.

Having recovered about 10% this week, Hong Kong’s benchmark Hang Seng index is set for its best gain since 2011. The CSI 300 index, the benchmark for mainland stocks, also gained more than 3% on Friday.

Jack Siu, Greater China Investment Director at Credit Suisse Group AG, said that in the future China will reopen behind Hong Kong. “For a full reopening, we still have at least nine months from today.”

Elsewhere, oil rallied to $90 a barrel as commodities and stocks in Asia rallied. Gold escalates.

This week’s main events:

Some key moves in the market:

Inventory

  • S&P 500 futures were up 0.4% at 7:11 a.m. in London. S&P 500 fell 1.1% on Thursday

  • Nasdaq 100 futures rose 0.7%. Nasdaq 100 drops 2%

  • Japan’s Topix Index drops 1.3%

  • Hong Kong’s Hang Seng Index up 6.2%

  • China’s Shanghai Composite Index up 2.4%

  • Euro Stoxx 50 futures up 0.6%

Currency

  • Bloomberg Dollar Spot Index drops 0.3%

  • The euro rose 0.2% to $0.9773

  • Japanese yen rose 0.2% to 148.03 a dollar

  • The offshore yuan rose 0.9% to 7.2655 per dollar

  • British Pound rose 0.4% to $1.1209

Electronic money

  • Bitcoin up 1.8% to $20,605.31

  • Ether up 2.5% to $1,579.46

Bonds

Goods

  • West Texas Intermediate crude rose 2.4% to $90.30 per barrel

  • Spot gold rose 1.1% to $1,647.63 an ounce

–With support from Tommi Utoslahti.

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