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Asian stocks set for best weekly gain in nine years, ECB stimulus boosts euro; U.S. jobs eyed

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Asian stocks erased early losses on Friday and were poised for their biggest weekly rise since 2011 while the euro hovered near a 1-1/2 month high as Europe's central bank surprised with more stimulus, fuelling hopes for a global rebound.

Investors were a tad cautious at these heady levels with valuations at their highest since the dot.com boom in 2000, according to Matthew Sherwood, investment strategist for Perpetual.

World equity markets were thrashed in March when they hit “bear territory” on fears the COVID-19 driven lockdowns would push the global economy into a long and deep recession.“Central banks have rightly stepped in to cushion the economic blow of COVID-19 and unquestionably succeeded in steadying the ship,” said Bob Michele, chief investment officer and head of the global fixed income, currency & commodities group at J.P.Morgan Asset Management.

Investor attention is now focused on Friday’s U.S. employment report, which is expected to show nonfarm payrolls fell in May by 8 million jobs after a record 20.54 million plunge in April.

 

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