Asian markets ended the week higher as dip buyer returned to the market.
Shares in Mainland China, Hong Kong, Japan, Thailand and South Korea inched higher.
Chinese tech shares jumped as two of the biggest Internet giants reported sales that topped estimates, lifting some of the gloom that had beset the sector following Covid-19 lockdowns and regulatory headwinds. US futures advanced after shares climbed Thursday on signs consumers remain resilient despite inflationary pressures.
The dollar slipped and Treasury yields were steady.
Global stocks look set to snap seven weeks of declines that made valuations attractive and enticed investors back into a market still shadowed by worries about inflation and higher interest rates, China’s downbeat economic outlook and the war in Ukraine.
“We may see a little bit more stability here because we have repriced the stocks so much already,” Anastasia Amoroso, iCapital chief investment strategist, said on Bloomberg Television.
“In the next three to six months it’s still going to be a constrained market environment.”
Meanwhile, China-US tensions are once again being played out after direct comments from Secretary of State Antony Blinken aimed at Chinese President Xi Jinping. And in a fresh challenge to Beijing, the US and Taiwan are planning to announce negotiations to deepen economic ties.
Crude oil inched down with WTI trading around $113 and Brent trading around $116 a barrel.