AP
Stocks climbed in Asia on Friday as investors cheered the announcement of a bipartisan agreement in Washington on an infrastructure package.
U.S. equity futures also indicated more gains for Wall Street ahead of data that includes a key inflation gauge.
China’s
climbed 1.6%, while the
gained around 0.7%. Australia’s
rose 0.4%. Part of Sydney will go into lockdown late Friday as a coronavirus outbreak in Australia’s biggest city continues to expand. The
struggled for traction.
U.S. stock futures pointed to further gains ahead, following Thursday’s strong session on Wall Street. The
and
finished in record territory after President
Joe Biden
said he had reached a deal with a bipartisan group of lawmakers on an infrastructure plan.
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Markets cheered the prospect of the deal contributing momentum to the reopening of the U.S. economy, with some investors looking ahead to the potential for more spending beyond what was outlined on Thursday.
“Clean transportation, roads, bridges and major construction projects should all be key beneficiaries of Biden’s plan and investors will no doubt be revisiting opportunities in these areas,” said Russ Mould, investment director at
in a note to clients.
Personal income, consumer spending and the PCE price index for May — the Fed’s preferred inflation gauge — will be released ahead of the market open, followed by the University of Michigan’s preliminary consumer sentiment index for June. Investors will also hear from a handful of Federal Reserve officials, including New York Fed President
John Williams.
Banking stocks may be in the spotlight after the Federal Reserve said Thursday that the 23 banks that took this year’s stress test easily passed, and that temporary limits on dividend payments and share buybacks can end after June 30.
Investors will know after the end of trading on Monday how much cash could be handed out. Shares of
and
rose in premarket trading.
Shares of
surged 12% in premarket trading after the sportswear giant reported better-than-expected earnings. The company also detailed the financial hit of a boycott in China.
stock was down 3% after the package shipper beat sales forecasts, but disappointed on bottom-line earnings, as it reported higher costs.
