Asia Morning Call-Global Markets

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** indicates closing price

All prices as of 18:31 GMT

EQUITIES

GLOBAL - A rally in global equity markets lifted stocks in Europe to record highs on Friday amid strong corporate earnings and hopes central bank interest rate cuts are near, while the dollar edged higher despite signs of slowing U.S. economic growth.

Strong performance on both sides of the Atlantic, along with gains overnight in Tokyo and elsewhere in Asia, pushed MSCI's all-country world index (.MWID00000PUS) within 0.2% of a record closing high.

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NEW YORK - U.S. stocks eked out modest gains on Friday and all three indexes posted another weekly advance as investors parsed comments from Federal Reserve officials and looked ahead to crucial inflation data next week.

The Dow Jones Industrial Average DJI rose 125.08 points, or 0.32%, to 39,512.84, the S&P 500 SPX gained 8.6 points, or 0.16%, to 5,222.68 and the Nasdaq Composite IXIC dropped 5.40 points, or 0.03%, to 16,340.87.

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LONDON - Europe's main stock index closed at a record high on Friday, on track for its biggest weekly gain since late January, as risk appetite was bolstered by growing bets on interest rate cuts in the region and a strong earnings season.

The pan-European STOXX 600 SXXP ended 0.7% higher, with indexes in major economies Germany DAX and France PX1 finishing at record highs.

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TOKYO - Japan's Nikkei share average rebounded on Friday, buoyed by positive earnings and Wall Street gains overnight, although profit-taking capped further advances.

The Nikkei NI225 closed 0.41% higher at 38,229.11 after rising more than 1% early in trading.

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SHANGHAI - Chinese stocks closed flat on Friday with investor sentiment dented by an expanded trade restriction list issued by the United States and potential new China tariffs, while Hong Kong shares tracked regional markets higher.

The blue-chip CSI300 index 3399300 was up 0.05%.

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AUSTRALIA - Australian shares rose on Friday and posted their third straight weekly gain, with banking and energy stocks leading the charge, while renewed hopes of U.S. rate cuts on signs of an easing labour market also boosted sentiment.

The S&P/ASX 200 benchmark index XJO closed 0.4% higher at 7,749 points.

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SEOUL - South Korean shares rose on Friday to post the third consecutive weekly gain, as financial stocks jumped after the country's president vowed more corporate reform measures.

The benchmark KOSPI KOSPI closed up 15.49 points, or 0.57%, at 2,727.63.

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FOREIGN EXCHANGE

NEW YORK - The dollar inched higher on Friday following a reading on U.S. consumer sentiment as investors sorted through a batch of comments from Federal Reserve officials, with the focus beginning to turn toward key inflation readings next week.

The dollar index DXY, which measures the greenback against a basket of currencies, gained 0.09% to 105.31.

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SHANGHAI - China's yuan weakened slightly on Friday, as the reports of more restrictions from Washington on Chinese goods weighed on the currency, although trading ranges were modest ahead of key U.S. inflation data due next week.

In the spot market, the onshore yuan USDCNY opened at 7.2250 per dollar and was changing hands at 7.2252 at midday, 40 pips weaker than the previous late session close.

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AUSTRALIA - The Australian and New Zealand dollars won a reprieve from selling pressure on Friday after a soft report on U.S. jobless claims prompted a knee-jerk dip in their U.S. counterpart.

That helped lift the Aussie to $0.6612 AUDUSD, up from a low of $0.6566 hit early on Thursday. It still remains short of major resistance at $0.6650, which has constrained the currency since January.

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SEOUL - Korean won strengthened against dollar on Friday.

The won ended onshore trade USDKRW at 1,368.1 per dollar, 0.15% higher than its previous close at 1,370.1.

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TREASURIES

NEW YORK - U.S. Treasury yields rose on Friday as traders waited on key inflation data for April next week to guide expectations of Federal Reserve policy.

Benchmark 10-year note yields US10Y rose 6 basis points to 4.504%.

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LONDON - Euro zone government bond yields edged higher on Friday with investors turning their focus to U.S. inflation data due next week which could affect the Federal Reserve's policy path.

Germany's 10-year government bond yields (DE10YT=RR), the bloc's benchmark, rose to a one week high, last up 2.4 basis points (bps) to 2.52%.

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TOKYO - Japanese government bond (JGB) yields rose on Friday amid a tepid auction for 30-year bonds, as investors continued to search for appropriate levels following hawkish Bank of Japan (BOJ) minutes.

The 10-year JGB yield (JP10YTN=JBTC), which moves inversely to bond prices, ticked up 0.5 basis point (bp) to 0.910% after the auction results were published.

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COMMODITIES

GOLD - Gold prices climbed on Friday, en route to their best week in five, with zero-yield bullion building on momentum fuelled by weaker U.S. jobs data this week that reinforced expectations for interest rate cut by the Federal Reserve.

Spot gold GOLD rose 1% to $2,369.49 per ounce by 2:02 p.m. ET (1802 GMT).

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IRON ORE - Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports and caution about demand outlook, but property support measures in China lent some support.

The most-traded September iron ore on China's Dalian Commodity Exchange (DCE) TIO1! fell as much as 1.6% to 857 yuan ($118.62) a metric ton, the lowest since April 24, earlier in the session. It declined 0.7% on a weekly basis.

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BASE METALS - Copper prices rose on Friday as traders raced to capture arbitrage opportunities with growing gaps between prices in Chicago, London and Shanghai.

Benchmark three-month copper HG1! on the London Metal Exchange (LME) was up 1% at $10,003 a metric ton by 1545 GMT and has gained 16% so far this year.

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OIL - Oil prices fell by nearly $1 a barrel on Friday as comments from U.S. central bank officials indicated higher-for-longer interest rates, which could hinder demand from the world's largest crude consumers.

Brent crude futures BRN1! settled at $82.79 a barrel, down $1.09, or 1.3%.

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PALM OIL - Malaysian palm oil futures fell for a third consecutive session to close at a three-month low on Friday, tracking weaker Dalian rivals, while palm oil data from the Malaysia Palm Oil Board (MPOB) earlier in the day weighed on sentiment.

The benchmark palm oil contract FCPO1! for July delivery on the Bursa Malaysia Derivatives Exchange closed down 21 ringgit, or 0.55%, to 3,810 ringgit ($804.31) a metric ton, the lowest close since mid-February.

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RUBBER - Japanese rubber futures fell 1% on Friday as geopolitical concerns surrounding key consumer China weighed on market sentiment but still logged a week-on-week gain.

The Osaka Exchange (OSE) rubber contract for October delivery TRB1!, TRB1! closed down 3.1 yen, or 1%, at 306.2 yen ($1.97) per kg.

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