World markets enjoyed a lively end to an otherwise slow week on Friday, with Chi...
LONDON - World markets enjoyed a lively end to an otherwise slow week on Friday, with Chinese A-shares leaping after MSCI quadrupled their weight in its global benchmarks and strong U.S. economic data lifting the dollar and bond yields.
It followed Thursday’s official Chinese PMI data which also showed new orders expanding and a stronger-than-expected U.S GDP figure, while European shares opened up 0.5 percent [.EU] helped by the fastest rise in German retail sales since Oct 2016. Madden said though the market reaction showed that “bad news can be good news” because it could well encourage the European Central Bank to hand out another dump of cheap loans to euro zone banks in the coming months.
The gains in Asia contrasted with a weaker finish on Wall Street on Thursday. The Dow Jones Industrial Average fell 0.27 percent to 25,916 points, the S&P 500 lost 0.28 percent to 2,784.49 and the Nasdaq dropped 0.29 percent to 7,532.53. Mixed messages on trade combined with the collapse of the summit between Trump and North Korean leader Kim Jong Un on denuclearization, and data from China showing slowing factory activity to pressure U.S. stocks.
Dallas Federal Reserve Bank President Robert Kaplan said on Thursday that it will take time to see how much the U.S. economy is slowing, supporting views of the Fed’s rate-hike holiday at least through to June.
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