(Bloomberg) -- Asian stocks climbed on Friday, poised to cap a second straight week of gains, as U.S. and European equity-index futures advanced. The dollar extended its slide for a third week and crude oil reversed losses.
Shares in Japan and South Korea advanced, while indexes in Hong Kong and Australia saw modest gains. Contracts on the S&P 500 rose the index snapped a four-day winning streak Thursday. Ten-year Treasury yields held near the highest level since March. The euro earlier surged after the European Central Bank announced a bigger-than-expected boost to its emergency bond-buying program.
“We’re probably going to see more of a plateauing, more of trading in a range until there’s a catalyst that moves them forward,” said Kristina Hooper, chief global market strategist at Invesco.
Global stocks have edged back from their highest since early March after the recent rally left valuations at the most expensive in nearly two decades and pushed technical levels toward overbought levels. Investors are awaiting plans for the next round of U.S. economic stimulus, but Trump administration officials have postponed discussions scheduled for this week, according to people familiar with the matter.
Here are some key events coming up:
The U.S. labor market report on Friday will probably show American unemployment soared to 19.5% in May, the highest since the 1930s.
Here are the major moves in markets:
Stocks
S&P 500 futures rose 0.7% as of 3:12 p.m. in Tokyo. The index fell 0.3% Thursday.Japan’s Topix index added 0.5% at the close.Hong Kong’s Hang Seng climbed 0.7%.Shanghai Composite rose 0.2%.South Korea’s Kospi index added 1.5%.Australia’s S&P/ASX 200 Index was little changed.Euro Stoxx 50 futures were up 1.3%.
Currencies
The euro was at $1.1366, little changed.The yen traded at 109.26 per dollar.The offshore yuan held at 7.1135 per dollar.
Bonds
The yield on 10-year Treasuries slipped to 0.81%.Australia’s 10-year yield rose four basis points to 1.06%.
Commodities
WTI crude rose 0.6% to $37.6 a barrel.Gold was at $1,712 an ounce, little changed.
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