Zürcher Nachrichten - Stocks climb, dollar holds on trade hopes and rate bets

EUR -
AED 4.322015
AFN 82.214801
ALL 97.829687
AMD 452.486126
ANG 2.106133
AOA 1079.178973
ARS 1450.462021
AUD 1.804832
AWG 2.121288
AZN 1.995996
BAM 1.953996
BBD 2.375907
BDT 144.346744
BGN 1.95398
BHD 0.44369
BIF 3505.638193
BMD 1.176859
BND 1.498648
BOB 8.131493
BRL 6.380812
BSD 1.176714
BTN 100.425145
BWP 15.585612
BYN 3.850845
BYR 23066.427915
BZD 2.363618
CAD 1.603593
CDF 3395.237477
CHF 0.935197
CLF 0.028536
CLP 1095.05973
CNY 8.432662
CNH 8.441134
COP 4709.376085
CRC 594.251409
CUC 1.176859
CUP 31.186752
CVE 110.164704
CZK 24.637887
DJF 209.536563
DKK 7.461319
DOP 70.424986
DZD 151.961006
EGP 58.019246
ERN 17.652879
ETB 163.306554
FJD 2.635223
FKP 0.862232
GBP 0.863614
GEL 3.201151
GGP 0.862232
GHS 12.178757
GIP 0.862232
GMD 84.147776
GNF 10205.665222
GTQ 9.047724
GYD 246.182733
HKD 9.238146
HNL 30.743358
HRK 7.534011
HTG 154.500653
HUF 398.778532
IDR 19108.652554
ILS 3.941536
IMP 0.862232
INR 100.695194
IQD 1541.463879
IRR 49575.166917
ISK 142.399583
JEP 0.862232
JMD 187.816615
JOD 0.834434
JPY 170.397935
KES 152.026299
KGS 102.916228
KHR 4727.71589
KMF 491.926539
KPW 1059.172417
KRW 1609.114612
KWD 0.359283
KYD 0.980686
KZT 611.110652
LAK 25356.59172
LBP 105432.468591
LKR 353.044083
LRD 235.934199
LSL 20.698792
LTL 3.474957
LVL 0.71187
LYD 6.338149
MAD 10.56175
MDL 19.821701
MGA 5295.111746
MKD 61.478246
MMK 2470.863045
MNT 4217.390708
MOP 9.514136
MRU 46.702886
MUR 52.899816
MVR 18.117969
MWK 2040.51627
MXN 21.946794
MYR 4.982781
MZN 75.27194
NAD 20.698616
NGN 1800.264346
NIO 43.300395
NOK 11.879622
NPR 160.677303
NZD 1.953144
OMR 0.451623
PAB 1.176714
PEN 4.172566
PGK 4.860554
PHP 66.665478
PKR 334.03603
PLN 4.244277
PYG 9377.343179
QAR 4.300784
RON 5.05849
RSD 117.07093
RUB 92.851465
RWF 1691.538433
SAR 4.41369
SBD 9.811381
SCR 16.606629
SDG 706.710603
SEK 11.270922
SGD 1.501619
SHP 0.924826
SLE 26.420386
SLL 24678.140035
SOS 672.479192
SRD 43.996894
STD 24358.596271
SVC 10.296407
SYP 15301.428614
SZL 20.682906
THB 38.300276
TJS 11.443533
TMT 4.130774
TND 3.428464
TOP 2.756322
TRY 47.032918
TTD 7.980565
TWD 34.167267
TZS 3106.906389
UAH 49.074696
UGX 4221.103231
USD 1.176859
UYU 47.226803
UZS 14776.359004
VES 128.834826
VND 30772.497813
VUV 139.373498
WST 3.050427
XAF 655.352003
XAG 0.032047
XAU 0.000355
XCD 3.180519
XDR 0.815048
XOF 655.352003
XPF 119.331742
YER 284.97608
ZAR 20.836927
ZMK 10593.143581
ZMW 28.505685
ZWL 378.947978
  • CMSC

    0.0900

    22.314

    +0.4%

  • CMSD

    0.0250

    22.285

    +0.11%

  • RBGPF

    0.0000

    69.04

    0%

  • SCS

    0.0400

    10.74

    +0.37%

  • RELX

    0.0300

    53

    +0.06%

  • RIO

    -0.1400

    59.33

    -0.24%

  • GSK

    0.1300

    41.45

    +0.31%

  • NGG

    0.2700

    71.48

    +0.38%

  • BP

    0.1750

    30.4

    +0.58%

  • BTI

    0.7150

    48.215

    +1.48%

  • BCC

    0.7900

    91.02

    +0.87%

  • JRI

    0.0200

    13.13

    +0.15%

  • VOD

    0.0100

    9.85

    +0.1%

  • BCE

    -0.0600

    22.445

    -0.27%

  • RYCEF

    0.1000

    12

    +0.83%

  • AZN

    -0.1200

    73.71

    -0.16%

Stocks climb, dollar holds on trade hopes and rate bets
Stocks climb, dollar holds on trade hopes and rate bets / Photo: Richard A. Brooks - AFP

Stocks climb, dollar holds on trade hopes and rate bets

Asian markets rose Friday on fresh trade hopes and the dollar held around three-year lows amid bets of cuts to US interest rate cuts.

Text size:

Easing concerns about Middle East tensions also added to the upbeat mood.

With the Israel-Iran ceasefire holding for now, investors were able to turn their attention back to the economy and Donald Trump's tariffs as a deadline for countries to strike deals with Washington approaches.

Bets on a Federal Reserve rate cut jumped this week after the US president said he had candidates in mind to succeed boss Jerome Powell when he leaves next year, with reports saying he would make an announcement as early as September.

That was followed Thursday by data showing the world's top economy contracted more than previously estimated in the first quarter and consumer spending grew less than expected.

Traders are now fully expecting two rate cuts this year, while there was a pick-up in bets on a third, according to Bloomberg News.

Powell, who has faced pressure from Trump to move sooner, appeared to take a dovish turn in a deposition to lawmakers this week, while several other Fed officials have also hinted at a softer approach.

All three main indexes on Wall Street rallied, with the Nasdaq hitting a record high and the S&P 500 within a whisker of a new closing peak.

The buying continued into Asia, with Tokyo rallying more than one percent to break 40,000 for the first time since January, while Hong Kong, Shanghai, Sydney and Singapore were also well up.

The prospect of lower borrowing costs sent the Dollar Index, which compares the greenback to a basket of major currencies, to its lowest level since March 2022.

And while it edged slightly higher Friday it remained under pressure.

Trade war worries were also soothed slightly Thursday after the White House said Trump could extend his deadline for agreeing deals to avert painful tariffs.

The president announced a swathe of levies on trading partners at the start of April but quickly said he would pause them until July 9 to allow for talks but few agreements have been reached so far.

When asked if there would be another delay, press secretary Karoline Leavitt told reporters: "Perhaps it could be extended, but that's a decision for the president to make.

"The deadline is not critical.

"The president can simply provide these countries with a deal if they refuse to make us one by the deadline."

This means Trump can "pick a reciprocal tariff rate that he believes is advantageous for the United States", she added.

The administration also signalled progress on trade with China, with US Commerce Secretary Howard Lutnick saying they had "signed and sealed" an understanding reached in Geneva last month.

Those talks saw the two slash eye-watering tit-for-tat tariffs and address other key issues including China's export of rare earths used in smartphones and electric vehicles, while Beijing was keen to see an easing of restrictions on its access to tech goods.

In company news, Chinese smartphone maker Xiaomi soared eight percent to a record high in Hong Kong as it enjoyed strong early orders for its latest sports utility vehicle, its second foray into the competitive electric vehicle market.

- Key figures at around 0230 GMT -

Tokyo - Nikkei 225: UP 1.6 percent at 40,215.36 (break)

Hong Kong - Hang Seng Index: UP 0.3 percent at 24,393.49

Shanghai - Composite: UP 0.1 percent at 3,452.71

Euro/dollar: UP at $1.1702 from $1.1701 on Thursday

Pound/dollar: UP at $1.3738 from $1.3725

Dollar/yen: DOWN at 144.34 yen from 144.44 yen

Euro/pound: DOWN at 85.18 pence from 85.22 pence

West Texas Intermediate: UP 0.5 percent at $65.57 per barrel

Brent North Sea Crude: UP 0.5 percent at $68.08 per barrel

New York - Dow: UP 0.9 percent at 43,386.84 (close)

London - FTSE 100: UP 0.2 percent at 8,735.60 (close)

F.E.Ackermann--NZN