Global stock markets are wrapping up their best week in roughly two months, powered by encouraging economic data from across Asia and a U.S. jobs report that took pressure off the Federal Reserve to raise interest rates anytime soon.
The MSCI All-Country World Index — a broad measure of global equity performance — climbed 1.7% for the week. The gains came after Purchasing Managers’ Index data released Friday for China, Japan, Australia, and Singapore all pointed to solid economic expansion across the region.
Those results helped lock in gains that began building after Thursday’s underwhelming U.S. employment report, which reduced expectations that the Federal Reserve would move quickly to raise borrowing costs.
Asian markets had a bumpy start to Friday’s session after tech hardware stocks dropped in response to weakness among chipmakers during U.S. trading. However, MSCI’s broad index of Asia-Pacific shares outside Japan ultimately climbed 1.1%, snapping a two-day slide. South Korea’s Kospi index led the regional advance.
Markets largely brushed aside a notable admission from Silicon Valley. Meta CEO Mark Zuckerberg, speaking at an internal company meeting Thursday, acknowledged that the social media giant’s ambitious artificial intelligence overhaul has not gone as smoothly as planned. A recording of the remarks was obtained by Reuters. Zuckerberg said AI agents — software capable of performing complex tasks independently — had not advanced as fast as he had anticipated.
In early European trading, pan-regional futures rose 0.3%, German DAX futures gained 0.5%, and FTSE futures were up 0.2%. U.S. S&P 500 futures also edged 0.3% higher.
The U.S. dollar held steady against the Japanese yen at 161.125, giving back some earlier gains as trading volume thinned due to a U.S. holiday Friday. Currency traders also remained cautious about the possibility of intervention in the market.
On a lighter note, fans eagerly awaiting a rumored wedding between pop star Taylor Swift and NFL player Travis Kelce at New York’s Madison Square Garden may need to temper their expectations. The New York Post’s Page Six reported Thursday that the couple may have already quietly tied the knot.
Key economic events to watch Friday include industrial output and services activity data from France and Germany, eurozone services figures, and a UK services report. The United Kingdom is also scheduled to hold government debt auctions for one-month, three-month, and six-month maturities.
