The Nasdaq paced gains on Friday in New York, helping to check some of the losses from earlier in the week. Oil dropped, as did iron ore, as global recession risks rose.In New York: BHP -3.4% Rio -4.5% Atlassian +6.8%US markets will be closed on Monday for the Juneteenth holiday.
Moya also said the Federal Reserve made clear this week that its “commitment to restoring price stability is unconditional”.Communication services was leading eight of the 11 SP 500 industry sectors higher. Energy slumped near 5 per cent, in line with the drop in the price of oil.AUD -1.5% to 69.41 US centsP 500 +0.9% Nasdaq +1.9%In Europe: Stoxx 50 +0.3% FTSE -0.4% CAC -0.1% DAX +0.7%Brent crude -5.5% to $US113.20 a barrel10-year yield: US 3.23% Australia 4.13% Germany 1.
Adding to concerns, euro zone inflation rose to a record high 8.1 per cent last month, in line with a preliminary estimate, more than four times the European Central Bank’s target.The STOXX 600 has shed about 17.3 per cent so far this year on worries over the deteriorating economic outlook and hit to corporate earnings from surging prices and aggressive tightening measures by central banks.
Finland-based Nokian Tyres jumped 10.3 per cent after the tyre maker raised its net sales guidance for 2022.Dalian iron ore extended losses to a sixth session on Friday, marking its steepest weekly slump in four months, as Chinese steel mills opted to reduce output amid weak profits and deteriorating demand prospects.
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