Markets Report
US equities closed mostly higher Friday as falling commodity prices sparked hopes consumers could be willing to spend more. The Dow and S&P were up 0.4%. The Nasdaq closed slightly lower.
Asia stocks were mostly higher after investors piled into shares on some of the cheapest valuations in more than a decade. The Nikkei rose 1.1%. The ASX added 1.9%. The Hang Send fell 1.5%. Mining giant BHP Billiton rose 1.4% after posting record annual earnings of $15.4bln.
The greenback took a breather from recent gains on consolidation and a rise in oil prices. EUR/USD was up 62 pips at 1.4747. USD/JPY fell 34 pips to 110.17. Cable added 32 pips to 1.8692. The Aussie rose 72 pips to 0.8732.
European shares were expected to be flat to lower at the open. The DAX future was down 0.1%. The CAC future rose 0.1%. Little economic data is scheduled for release in Europe and the US.
Bonds were mixed in early trading. The 10yr Gilt yield was down 1bp at 4.51%. The 2yr yield was up 1bp at 4.58%. The 10yr Bund yield added 2bps to 4.16%. The 2yr Schatz yield fell 1bp to 3.99%. The 10yr JGB yield wsa off 2bps at 1.44%. The 10yr T-Note yield was little changed at 3.85%.
Oil pushed higher on a report OPEC could cut crude output and concerns Tropical Storm Fay may hit production in the Gulf of Mexico. WTI was up 1.2% to $115.12/bbl. Brent rose 1.3% to $114.02.