- Shares in Hong Kong and the Chinese mainland China reversed previous losses, while US futures contracts rose. A broader index of Asian shares was still down for the day on Friday, heading for its biggest weekly drop since October.
- The acute threat of US delisting eased for approximately 200 companies in China and Hong Kong, boosting market sentiment, as did the Chinese government's pledge to implement new property-related measures.
- The dollar fell against its Group-of-10 counterparts after a measure of its strength rose the most since September on Thursday.
- US Treasury yields rose slightly, as did Australian government bond yields.
- Central banks backed off from the larger hikes seen earlier this year, but raised their expectations for how high rates may need to go. Fed's Powell and ECB's President Lagarde reaffirmed their determination to fight inflation, which disappointed investors hoping for a dovish shift in tone.
- Short-term German yields rose to their highest level since 2008, and European stocks fell to their lowest level since May, after ECB's President Lagarde stated that anyone who thinks that this is a pivot for the ECB is wrong.
- Traders were also digesting disappointing US retail sales and manufacturing data, despite the fact that the labour market remained strong. The Fed's main target remains labour market softening.
