Asian shares track Wall Street optimism before BOJ
Asian equities rose, following a rebound in technology stocks that pushed Wall Street to a record high. Oil fell after President Donald Trump urged OPEC to lower crude prices and said he will push for interest-rate cuts.
Equity benchmarks rose in Tokyo ahead of a key interest rate decision by the Bank of Japan later Friday, where a hike is expected. Stocks also rose in Sydney and Seoul. The S&P 500 advanced 0.5%, with the gauge topping the 6,100 milestone. Tech shares, which weighed heavily on the market throughout most of the session, rebounded in the final stretch of trading. A gauge of dollar strength was flat.
Oil slid for a sixth day. Trump used an address to world leaders gathered in Davos, Switzerland, to say he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil,” casting the push for more crude output as a way to heighten pressure on Russia and help end the nearly three-year war in Ukraine.
“Trump, rightly or wrongly, wants to see a positive supply shock in the energy sector,” said Neil Dutta at Renaissance Macro Research. “That in turn will bring down inflation expectations, which in turn, will bring down rates.”
In other news, Bitcoin rebounded in early trading Friday after turning negative in the previous session after Trump’s executive actions establishing a working group on digital assets fell short of expectations.
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