Friday, 15 May 2020
- Asian stocks set to rise on optimism of post-lockdown recovery, stimulus
- Dollar climbs to three-week peak
- Oil prices rise on dip in U.S. crude stockpiles and IEA data
Asian stocks were set to rise on Friday amid investor optimism about the re-opening of the U.S. economy from coronavirus lockdowns and possibly more stimulus that could fuel a recovery.
Ahead of the Asian open, Hong Kong’s Hang Seng index futures climbed 0.16%, Australian S&P/ASX 200 futures rose 0.85%, while Japan’s Nikkei 225 futures were down 0.15%. The Dow Jones Industrial Average rose 1.62%, the S&P 500 gained 1.15%, and the Nasdaq Composite rose 0.91%.
The dollar rose to a three-week high on Thursday, as stock markets weakened broadly after Federal Reserve Chairman Jerome Powell dismissed speculation over U.S. interest rates entering negative territory. Against a basket of its rivals, the dollar was up 0.3% at 100.41, hitting a three-week high of 100.56 earlier in the session.
Oil prices settled higher on Thursday after the International Energy Agency (IEA) forecast lower global stockpiles in the second half of 2020, although worries remain that a second surge in coronavirus infections could occur in coming months.
U.S. crude inventories fell for the first time in 15 weeks, the Energy Information Administration said on Wednesday, with a fall in U.S. crude stockpiles of 745,000 barrels to 531.5 million barrels in the week to May 8..
Brent crude futures settled up $1.94, or 6.7 percent, to $31.13 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled up $2.27, or 9%, to $27.56 a barrel.
Source : Reuters