- Stocks and US share futures rose on Friday as a move by Chinese banks to cut a key interest rate for long-term loans by a record amount boosted mood.
- Japan, Hong Kong, and China all saw gains, despite minor losses on Wall Street. European contracts increased by around 1%.
- Chinese banks have lowered the 5-yr loan prime rate, which will help to lower mortgage costs and may help to bolster lending demand amid a property drop and Covid lockdowns.
- That step was overshadowed by less encouraging news in Shanghai, where three Covid cases were discovered outside of quarantine, prompting concerns about whether measures to lift limitations there might be hampered.
- The yield on a 10-yr Treasury note in the US increased to 2.86%. A dollar index recovered from its largest one-day loss since 2020. On confidence about demand, oil held above $112 a barrel, set for a weekly increase.
