Global Stocks, Currencies Mixed; Treasuries Rally: Markets Wrap

(Bloomberg) — Global stocks and currencies were mixed amid a subdued tone in markets on Friday. Treasuries climbed as trading resumed after the Thanksgiving holiday in the US.

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European stocks were steady, with the regional benchmark headed for a sixth week of gains, the longest winning streak in a year. Futures contracts for the S&P 500 and Nasdaq 100 rose following recent commentary from Federal Reserve officials that supported the case for a slower pace of interest-rate increases.

Hong Kong-listed technology stocks led declines among Chinese shares as investors weighed recent gains against an upswing in Covid-19 infections. Mainland benchmarks managed to eke out small gains in the face of lockdown-like restrictions affecting parts of Beijing.

The dollar fluctuated after three straight days of losses.

US markets will have a shortened session on Friday after being closed for a full day on Thursday.

Yields on Japan’s benchmark 10-year bond rose one basis point to 0.25%, the top of the central bank’s target band, after Tokyo’s inflation picked up more speed to hit its fastest pace in 40 years.

The outlook for Chinese markets is improving, despite the current flareup in virus cases, according to Jun Bei Liu, a portfolio manager at Tribeca Investment Partners.

“In the next 12 months things will get better. We have seen this playbook before across other economies,” she said on Bloomberg Television. “We’ll begin to see outperformance very soon in the next few quarters.”

Oil headed for a third weekly loss as the European Union weighs a higher-than-expected price cap on flows of Russian crude and slowdown concerns threaten the outlook for energy demand. Gold was poised for a modest weekly gain.

Story continues

Some of the main moves in markets:

Stocks

The Stoxx Europe 600 was little changed as of 8:17 a.m. London time

Futures on the Nasdaq 100 rose 0.4%

Futures on the Dow Jones Industrial Average rose 0.2%

The MSCI Asia Pacific Index fell 0.2%

The MSCI Emerging Markets Index fell 0.2%

Currencies

The Bloomberg Dollar Spot Index was little…

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