(Bloomberg) -- U.S. stock futures advanced, Asian benchmarks edged up and the yen ticked down as investors continued to find encouragement in businesses reopening across major economies.
Futures on the S&P 500 climbed after the index rose on Friday, trimming a weekly loss. Japanese, Korean and Australian shares opened higher, while Treasuries were flat. California’s economy is now 75% open, its governor said, while upstate New York is also set to reopen; Apple Inc. said nearly 100 of its stores have opened doors. Even so, the Federal Reserve has warned of potential asset-price declines if the pandemic worsens.
Crude oil climbed. The pound dipped after a Bank of England official said the central bank is examining a range of unconventional policy tools, including negative interest rates.
While a number of European countries continue to report the lowest number of daily deaths since March, economic data are still painting a stark picture of the recent damage from the coronavirus. The U.S. Friday reported record slumps in U.S. retail sales and factory output. Japan’s shrank at a 3.4% annual pace in the first quarter, tipping the world’s no. three economy into a textbook recession before the current quarter.
“With the worst of the pandemic likely behind us, central bank supported equity markets are unlikely to re-test their lows,” said Seema Shah, chief strategist at Principal Global Investors. “Yet, while reopening momentum may well carry risk assets a bit higher over the near term, the tepid economic recovery and deep uncertainty over the virus outlook argue against a pivot to more risk-on positioning.”
Federal Reserve Chairman Jerome Powell said the U.S. economy will recover from the coronavirus pandemic, but the process could stretch through until the end of next year and depend on the delivery of a vaccine. He also said that while the recovery may take a while, the Fed has more ammunition if needed.
These are the main moves in markets:
Stocks
Futures on the S&P 500 rose 0.7% as of 9:02 a.m. in Tokyo. The S&P 500 rose 0.4% on Friday.Japan’s Topix Index edged up 0.3%.Australia’s S&P/ASX 200 Index rose 0.7%.Kospi Index ticked up 0.2%.Hang Seng futures dipped 0.9% on Friday.
Currencies
The yen dipped 0.2% to 107.25 per dollar.The offshore yuan held at 7.1276 per dollar.The euro bought $1.0817.The pound fell 0.3% to $1.2086.
Bonds
The yield on 10-year Treasuries was little changed at 0.64%.Australia’s 10-year yield gained two basis points to 0.93%.
Commodities
West Texas Intermediate crude gained 3.3% to $30.40 a barrel.Gold was at $1,759 an ounce, up 0.9%.
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