- Global stocks rise as investor angst eased after Fed Chair Jerome Powell vowed to fight
inflation . - Meanwhile,
yields on the 10 US Treasury note fell as investors rush to the safe-haven dollar.
US stock futures gained upward momentum and the dollar eased on Friday after Federal Reserve Chair Jerome Powell calmed some investor angst by pledging to fight inflation.
Futures on the S&P 500, Nasdaq and Dow Jones rose 0.53%, 0.73% and 0.43%, respectively.
On Thursday, Powell reinstated his "unconditional" commitment to cooling down inflation after May's US consumer prices report showed inflation hit 8.6%, its highest in 40 years.
"Fed Chair Jerome Powell toned down the
The dollar was just a touch lower, falling 0.1%, while the yield on the US 10-year Treasury note rose 2 basis points to 3.085%, reflecting a greater degree of investor confidence.
The MSCI World Index of global shares gained 0.25%, while in Europe, stocks rose as some risk appetite returned. The STOXX 600 added 0.86%, while Frankfurt's DAX rose 0.45%, and Paris's CAC 40 was up 1.03% after trading lower the previous day.
In the oil
"In the short term we will see a battle between macroeconomic focused traders, selling oil as a hedge against recession, and the physical market where price supportive tightness remains," analysts at Saxo Bank wrote.
Elsewhere in Asia, stocks remained positive driven by tech stocks on the Hong Kong market. Hong Kong's Hang Seng rose 2.09% while the Shanghai Composite and Tokyo's Nikkei 225 added 0.89% and 1.23% respectively.
Here's how other major assets are performing:
Copper fell to a 16-month low to trade at $3.7 per pound, under pressure from fears of recession, even as workers of one of the largest copper producers Codelco in Chile launched to go on strike Wednesday.