By IFCMarkets

US stock indices ended solidly higher on Friday after Federal Reserve semiannual report revealed no indication of four rate hikes this year instead of previously planned three. S&P 500 jumped 1.6% to 2747. Dow Jones industrial average rose 1.4% to 25309.99. The US broad market index and Dow industrial gained 0.6% and 0.4% respectively for the week. The Nasdaq composite rallied 1.8% to 7337.39. The dollar resumed strengthening: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.2% to 89.91. Futures point to higher market openings today.

European stocks rebounded on Friday tracking advances on Wall Street. The British Pound extended gains against the dollar while the euro turned lower. The Stoxx Europe 600 index rose 0.2%, ending up 0.1% for the week. The DAX 30gained 0.2% to 12483.79. France’s CAC 40 rose 0.2% while UK’s FTSE 100 lost 0.1% to 7244.41. Indices opened 0.5%-0.7% higher today.

Asian stock indices are rising today on rising risk appetite after rebound on Wall Street Friday. Nikkei extended gains 1.2% to 22160.5 despite yen turning higher against the dollar after Bank of Japan Governor Haruhiko Kuroda comment that there is no plan for another comprehensive review of the central bank’s current plans and that it continues to target getting inflation to 2%. Chinese stocks are higher after China’s Communist Party proposed the elimination of the constitutional cap on presidential terms: the Shanghai Composite Index is up 1.3% and Hong Kong’s Hang Seng Index is 0.7% higher. Australia’s All Ordinaries Index is up 0.7% despite Australian dollar’s 0.6% advance against the greenback.

Brent futures prices are extending gains today supported by comments from Saudi Arabia that it would continue to limit exports in line with the OPEC effort to cut global supplies. Prices rose Friday building on previous day’s gains as US crude stocks fell 1.616 million barrels last week. April Brent added 1.4% to $67.31 a barrel on Friday. It gained 3.8% in the week.

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