TOKYO (AP) — Global stocks were mostly higher Friday despite concerns about the U.S. and global economic outlook and inflation.
France's CAC40 rose 0.3% to 8,044.04 in early trade, while Germany's DAX rose 0.8% to 18,052.68. Britain's FTSE 100 index rose nearly 0.4% to 8,108.91. US stocks rose, with Dow futures up 0.2% to 38,348.00. S&P 500 futures rose 0.8% to 5,121.75.
The Bank of Japan ended its policy meeting without making any major changes, leaving the policy interest rate unchanged at a range of 0-0.1%. The central bank raised its key policy interest rate from -0.1% in March, citing signs that inflation was reaching the central bank's target of around 2%.
Japan's benchmark Nikkei Stock Average rose 0.8% to $37,934.76, while the dollar rose to 156.45 yen from 155.58 yen.
While a weaker yen is a boon for Japan's giant exporters such as Toyota Motor Corp., boosting overseas earnings when translated into yen, some Japanese officials, including Finance Minister Shunichi Suzuki, say an excessively weak currency is bad. They have expressed concern that this may be the case. Japan's economy in the long term.
In other currency trading, the euro rose to $1.0746 from $1.0733.
“The yen's depreciation trend continues unabated. In particular, the government's reluctance to intervene directly in the foreign exchange market has raised doubts among investors about the government's commitment to supporting the yen,” ACY Securities said. said currency analyst Luca Santos.
Australia's S&P/ASX 200 fell 1.4% to 7,575.90. South Korea's Kospi rose 1.1% to 2,656.33. Hong Kong's Hang Seng Index rose 2.1% to 17,651.15, while the Shanghai Composite Index rose 1.2% to 3,088.64.
U.S. economic growth slowed to 1.6% in the first three months of this year from an annualized rate of 3.4% at the end of 2023, according to a report this week. Concerns persist over whether the economy will be able to avoid a deep recession and support strong profits. For businesses, even if high inflation takes time to be fully brought under control.
Traders are primarily betting that the Fed will cut interest rates once or twice this year, according to data from CME Group.
In energy trading on Friday, benchmark U.S. crude oil rose 28 cents to $83.85 a barrel. Brent crude, the international standard crude, rose 20 cents to $89.21 a barrel.
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AP Business Writer Stan Cho contributed.
Yuri Kageyama appears in X https://twitter.com/yurikageyama
