Last week's recovery in U.S. technology stocks boosted Asian stocks, with U.S. jobs data in focus
Asian stocks were boosted by a surge in U.S. technology stocks late Friday, with Meta and Amazon performing better than expected.。
Global Stock Market Highlights Last Week (January 29 - February 2):
Asian stocks were boosted late Friday by a surge in U.S. technology stocks overnight, with Meta and Amazon performing better than expected.。
Meta Platform (NASDAQ: META) and Amazon (NASDAQ: AMZN) both reported strong quarterly results, with shares up 15% and 7%, respectively, in after-hours trading last Thursday, driving up $280 billion in stock market capitalization.。Apple (NASDAQ: AAPL) plunges 3% after close due to weak sales in China。
U.S. stock futures rise。Nasdaq futures rose 1%, while S & P 500 futures rose 0.6%。
In Asia, Japan's Nikkei rose 1%, reaching a 1.7%, while MSCI's (MSCI) Asia-Pacific stock index, the broadest outside Japan, rose 1.1%, the week's cumulative increase of 0.6%。Hong Kong's Hang Seng up 1.5%, China's blue chips up 0.1%。
All of this will help allay concerns surrounding U.S. commercial real estate and regional banks, at least for the time being, but markets in this segment remain under pressure。The KBW Regional Bank Index fell 2 percent after falling 6 percent the day before。
Concerns about the soundness of regional lenders resurfaced when New York Community Bank (NYSE: NYCB) disclosed increased pressure on its commercial real estate portfolio。
Rodrigo Catril, senior foreign exchange analyst at National Australia Bank (OTC: NABZY), said: "This brings another headwind to stock market sentiment.。But for the Fed, I don't think it's an issue that's going to sway or force them to take policy action yet。"
On Friday, the U.S. Bureau of Labor Statistics released data showing that U.S. non-farm payrolls rose 35 percent in January..30,000, not only well above the widely expected 18.50,000, and higher than all analysts expected, December employment from 21.60,000 to 33.30,000 people。
Traders lower expectations for Fed rate cut after nonfarm payrolls data。The odds of a rate cut at the Fed's March meeting are about 20 percent.。The market also lowered its forecast for the number of rate cuts this year, with about five more expected this year。
U.S. Treasury rates fell to their lowest level this year and remained stable in Asia, reflecting still significant rate cuts this year (accounting for about 145 basis points) and new concerns about regional U.S. banks, which increased safe-haven demand.。
U.S. long-term Treasury rates remain at 3..8802%, down 10 basis points yesterday to 3.817%, while the interest-sensitive two-year Treasury yield remained at 4.204% unchanged, down 4 basis points overnight to 4.A low of 134%。
Falling yields weigh on dollar, down 0 overnight.5% and remained at 103.The low end of the near-term range of 02。
Euro up 0 against dollar overnight.5%, to 1 euro to 1.$0878, after data showed that potential price pressures in the euro zone remain high。Sterling to US $1.$2,752, the pound rose 0 overnight after the Bank of England said it would be cautious about cutting interest rates.5%。
In the energy market, oil prices recovered some of the ground lost the previous day after reports of an unconfirmed Israeli-Hamas ceasefire eased concerns about supplies.。
Brent crude futures up 0.7%, to 79 per barrel.$26, down more than 2% the day before, while U.S. West Texas Intermediate crude rose 0.6%, to 74 per barrel.3 USD。
The price of gold, a safe-haven asset, remained at 2,054..78 dollars unchanged。
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