Sumary of Stocks firm near record as easing U.S. inflation fears lift Wall Street:
- Article content Global stocks held firm near record highs on Friday as receding inflation fears in the United States pushed down bond yields and lifted Wall Street, though softness in Chinese shares capped gains in Asia..
- Japan Topix gained 0.6% and Australian stocks hovered near a more than one-year top, while South Korea Kospi touched the highest intraday level since mid-February..
- Chinese shares were an outlier, with the CSI 300 sliding 1.3%, pushing down MSCI ex-Japan Asia index 0.4%, not helped by worries about further tension between Washington and Beijing..
- However, an unexpected rise in the number of Americans filing new claims for unemployment benefits coupled with Fed Chair Jerome Powell reiteration on Thursday that inflation was not a worry helped calm bond market jitters..
- Article content “Markets appear to have taken some comfort that they may have overdone the concerns around inflation, and therefore around rising interest rates,”.
- Powell signaled at an International Monetary Fund event that the central bank is nowhere near reducing support for the U.S..
- Aided by the pullback in yields, traders piled into megacap tech stocks such as Apple Inc, Microsoft Corp and Amazon.com Inc, which were the main drivers of the S&P 500…