A slump in crude weighed on energy shares as most Asian equity markets headed for a lower finish to the week. Declines in the Australian and New Zealand dollars deepened and
the pound slid.
Stocks in Tokyo, Sydney and Singapore fell, with energy producers dropping the most. Oil extended losses after falling the most in three weeks as OPEC stuck to the most predictable outcome in its plans to limit production. Commodity currencies retreated against the dollar. The pound fell as a poll showed
U.K. Prime Minister Theresa May losing ground to her challenger ahead of next month’s election.
Global equities are on course for the best week since April, trading at a record high after six weeks of gains, as investors bet global economic growth can withstand higher U.S. interest rates as soon as next month. Stocks have recovered from worries surrounding the prospects for President Donald Trump’s reform policies, which triggered the biggest slide on the S&P 500 in eight months last week. Still, the yield on 10-year Treasuries remains at 2.25 percent as bonds climb amid concern inflation is lagging expectations.
Volume may be lower than normal on Friday in some markets as investors approach the long weekend in the U.S. and the U.K., both of which have holidays on Monday.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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