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Asian stocks rose on Friday as investors focused on calls from U.S. and Chinese trade officials and solid corporate earnings reports, rather than the expected weak U.S. data to be released. Later today's figures are expected to show the US unemployment rate at its worst performance in more than 70 years.
Asian stock markets rose at the beginning of the session, following the overnight rally of US stocks, gaining further boost at the end of the early session. According to official Chinese media reports, Liu He, vice premier of the State Council of China and China's leader of the China US comprehensive economic dialogue, spoke with us trade representative Laith sizer and finance minister nuqin at an appointment in the morning. The two sides said that they should strengthen cooperation in macro-economy and public health and strive to be the No.1 between China and the US The implementation of stage economic and trade agreements will create favorable atmosphere and conditions and promote positive results.
The news boosted U.S. stock futures, with e-mini S & P 500 futures up 1.06% to 2910.5.
MSCI Mingsheng Asia Pacific Index (excluding Japan) rose 1.1%, while Japanese Nikkei index. N225 rose 1.78%.
Australia shares rose 0.76%, while China's CSI300 index. CSI300 rose 0.86%.
Friday's rally came as bond yields rose slightly, but bond investors focused on the global economic turmoil. Despite signs of economic restart in some countries and regions, the epidemic related blockade measures continued to suppress economic activity.
"The stock market is decoupled from reality and optimistic... We are facing a strange situation. The bond market is focused on the tragic economic data and expects the Federal Reserve to provide further assistance," said Ryan felsman, an economic analyst at commsec.
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