Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 18:04 GMT

EQUITIES

GLOBAL - Global stocks were higher on Friday as Big Tech gains lifted Wall Street shares, while Japan's yen sank to a 34-year low after the Bank of Japan (BOJ) kept monetary policy loose.

MSCI's gauge of stocks across the globe EURONEXT:IACWI rose 6.80 points, or 0.90%, to 762.39 on tech sector optimism following robust results from Alphabet and Microsoft.

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NEW YORK - U.S. stocks closed higher on Friday, buoyed by a rally in megacap growth stocks following robust quarterly results from technology heavyweights Alphabet GOOGL.O and Microsoft MSFT.O in addition to moderate inflation data.

The Dow Jones Industrial Average DJI rose 153.86 points, or 0.40%, to 38,239.66, the S&P 500 SPX gained 51.54 points, or 1.02%, to 5,099.96 and the Nasdaq Composite IXIC gained 316.14 points, or 2.03%, to 15,927.90.

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LONDON - Europe's benchmark stock index had its biggest one-day gain in more than three months on Friday, propelled by banking and industrial stocks, while the technology sector got a boost from upbeat results from U.S. megacaps.

The pan-European STOXX 600 index SXXP closed 1.2% higher, notching up a weekly gain of 1.8%, its biggest since late January.

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TOKYO - Japan's Nikkei share average rallied on Friday after the Bank of Japan (BOJ) opted to leave interest rates unchanged, as widely expected, and said accommodative monetary conditions are likely to continue for the time being.

The Nikkei NI225 ended the day 0.8% higher at 37,934.76, extending a 0.4% rise from the morning session after the BOJ announced its policy decision during the midday recess.

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SHANGHAI - Hong Kong and China stocks extended gains on Friday, with the Hang Seng Index logging its best week since October 2011, as sentiment recovered further after strategists from global investment houses upgraded their views on Chinese shares.

At the close, the blue-chip CSI300 index 3399300 was up 1.53%.

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AUSTRALIA - Australian shares tumbled on Friday, as hopes of an early interest rate cut were doused by disappointing U.S. growth data, coupled with the Australian inflation slowing less than expected earlier this week.

The S&P/ASX 200 benchmark index XJO closed 1.4% lower at 7,575.9. The benchmark ended flat on Wednesday.

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SEOUL - South Korean shares rose more than 1% on Friday, as chipmakers advanced after U.S. tech companies' robust earnings, and posted their first weekly rise in five weeks.

The benchmark KOSPI KOSPI closed 27.71 points, or 1.05%, higher at 2,656.33.

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FOREIGN EXCHANGE

NEW YORK - The dollar surged to a fresh 34-year high against the yen on Friday, bolstered in part by U.S. inflation data that showed no signs of easing, coming in line with forecasts and affirming expectations that the Federal Reserve will likely delay cutting interest rates to later this year.

In afternoon trading, the dollar index DXY was up 0.3% at 105.93.

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SHANGHAI - China's yuan hovered near a five-month low against the dollar and traded a whisker away from its daily downside limit on Friday, weighing down by rising U.S. treasury yields and the yen's stubborn weakness.

Spot yuan USDCNY opened at 7.2409 per dollar and was changing hands at 7.2464 at midday, 0.09% softer than the previous late session close and 1.98% away from the midpoint.

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AUSTRALIA - The Australian dollar gained on Friday, testing chart resistance, as investors spooked by a hot local inflation print bet on the possibility of another rate hike and the Bank of Japan kept rates steady, weighing on the yen.

The Aussie AUDUSD briefly hit $0.6532, topping its 200-day moving average of $0.6527, before last settling around $0.6520.

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SEOUL - The South Korean won little changed against the dollar on Friday.

The won ended onshore trade USDKRW at 1,375.3 per dollar, 0.02% lower than its previous close of 1,375.0.

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TREASURIES

NEW YORK - Longer-dated U.S. Treasury yields fell on Friday after data showed that inflation gains in March were largely in line with economists’ expectations, easing concerns about the closely watched report showing a much higher than expected price jump.

Benchmark 10-year Treasury note yields US10Y were last down 4 basis points on the day at 4.671%, after reaching 4.739% on Thursday.

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LONDON - Euro zone government bond yields were on track for the second straight weekly rise as market expectations for cumulative European Central Bank rate cuts this year dropped way below 75 basis points on the back of strong U.S. economic data.

Germany's 10-year bond yield (DE10YT=RR), the benchmark for the eurozone bloc, fell 5 bps to 2.61% but is set for a weekly rise of 7 bps after being up 15 bps the week before.

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TOKYO - Japanese government bond futures rose in extended trading while bond yields declined and the yen plumbed fresh 34-year lows on Friday after the Bank of Japan confirmed that its bond purchase amounts would remain unchanged for now.

The 10-year JGB yield (JP10YTN=JBTC) had pared an early rise to 0.93%, the highest since Nov. 3, to last change hands at 0.925%.

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COMMODITIES

GOLD

Gold prices held gains on Friday after data showed that U.S. inflation rose in line with expectations, but the safe-haven metal was on track for a weekly fall as some geopolitical risk premiums eased.

Spot gold GOLD was 0.3% higher at $2,338.65 per ounce by 1:47 p.m. ET (1747 GMT).

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IRON ORE

Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with improving demand in top consumer China countering higher portside inventories.

The most-traded September iron ore contract on China's Dalian Commodity Exchange (DCE) TIO1! recouped earlier losses and closed daytime trade 0.06% higher at 884.5 yuan ($122.07) a metric ton.

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BASE METALS

Copper prices in London hit a two-year high and tested a major level of $10,000 a metric ton on Friday after BHP Group's bid for Anglo American put supply concerns in focus and intensified fund buying.

Three-month copper HG1! on the London Metal Exchange was up 0.9% to $9,950.50 a ton by 1629 GMT after peaking at $10,033.50 for its highest since April 2022.

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OIL

Oil prices settled higher on Friday, garnering support from tensions in the Middle East, but a strong dollar and U.S. inflation data quashed hopes that the Federal Reserve would cut interest rates soon, giving prices a ceiling.

Brent crude futures BRN1! settled up 49 cents, or 0.55%, to $89.50 a barrel.

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PALM OIL

Malaysian palm oil futures rebounded from a two-day fall on Friday amid declining yields and ample domestic demand, while higher oil prices also supported, although the contract still closed lower for the week.

The benchmark palm oil contract FCPO1! for July delivery on the Bursa Malaysia Derivatives Exchange closed up 22 ringgit, or 0.57%, to 3,896 ringgit ($817.63) a metric ton.

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RUBBER

Japanese rubber futures erased earlier losses to snap a three-day losing streak on Friday, amid higher oil prices and a weak yen, but still logged a weekly loss.

The Osaka Exchange (OSE) rubber contract for October delivery TRB1!, TRB1! closed up 3.3 yen, or 1.09%, at 305.4 yen ($1.96) per kg.

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