EUROPEAN AND ASIAN MARKETS
European stock markets also rose, with the Paris CAC 40 leading the way, boosted by a rise in luxury stocks.
Traders brushed off data showing that inflation edged up in France and Spain in June, even as it added to speculation that the European Central Bank might pause its interest rate cut cycle.
In Asia, Tokyo rallied more than one per cent to break 40,000 points for the first time since January, while Hong Kong and Shanghai equities closed lower.
WEAKER DOLLAR
The dollar held around three-year lows on Friday as traders bet on US interest rate cuts, especially after Trump hinted at replacing Fed chief Jerome Powell.
The prospect of lower borrowing costs sent the Dollar Index, which compares the greenback to a basket of major currencies, to its lowest level since March 2022.
Weak economic data on Thursday, showing that the world’s top economy contracted more than previously estimated in the first quarter and softer consumer spending, further fuelled rate cut expectations.
KEY FIGURES AT AROUND 1530 GMT
New York – Dow: UP 0.9 per cent at 43,783.12 points
New York – S&P 500: UP 0.6 per cent at 6,177.84
New York – Nasdaq Composite: UP 0.6 per cent at 20,280.39
London – FTSE 100: UP 0.7 per cent at 8,798.91 (close)
Paris – CAC 40: UP 1.8 per cent at 7,691.55 (close)
Frankfurt – DAX: UP 1.6 per cent at 24,033.22 (close)
Tokyo – Nikkei 225: UP 1.4 per cent at 40,150.79 (close)
Hong Kong – Hang Seng Index: DOWN 0.2 per cent at 24,284.15 (close)
Shanghai – Composite: DOWN 0.7 per cent at 3,424.23 (close)
Euro/dollar: UP at US$1.1714 from US$1.1701 on Thursday
Pound/dollar: DOWN at US$1.3713 from US$1.3725
Dollar/yen: UP at 144.81 yen from 144.44 yen
Euro/pound: UP at 85.43 pence from 85.22 pence
West Texas Intermediate: UP 1.1 per cent at US$65.96 per barrel
Brent North Sea Crude: UP 0.7 per cent at US$67.17 per barrel
Source: CNA
