Asian shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier.
The regional rally followed a mixed and muted close on Wall Street. Oil prices and U.S. futures also were higher.The regional rally followed a mixed and muted close on Wall Street. Oil prices and U.S. futures also were higher.
Powell had earlier sought to portray the Fed’s efforts to tighten interest rates as consistent with a so-called “soft landing” for the economy. The euro, likewise, has weakened amid the fighting in Ukraine and uncertainty over supplies of Russian gas and oil . The euro EURUSD was trading at $1.0397 early Friday having fallen below the $1.0500 level it had hovered near for most of the week.
The dollar USDJPY was at 128.96 yen, up from 128.42. Against the Chinese yuan USDCNY , it was at 6.79 per dollar, up from about 6.41 yuan a month ago. Smaller company stocks held up far better than the rest of the market. The Russell 2000 RUT rose 1.2% to 1,739.38. On Wednesday, the Labor Department’s report on consumer prices came in hotter than Wall Street expected, showing a bigger increase than expected in prices outside food and gasoline. That “core inflation” can be more predictive of future trends.
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