The Hang Seng rally pushed the index away from the brink of a bear market.
After the debt ceiling agreement overcame the most recent congressional hurdle, stocks increased, and traders are now anticipating more current US employment data that may provide insight into the Fed’s next move.
Investors remain wary of China.
The Nasdaq tech index is expected to post gains for a sixth straight week, the S&P 500 and Nasdaq 100 futures increased, the US dollar sank, and 10-year bond rates increased following robust advances on Wall Street on Thursday.
Stocks in China, Australia, and Japan increased, and the Kospi Index in South Korea has increased by more than 20% from its September low.
Investors are still wary of China’s future despite better-than-expected manufacturing data on Thursday and a jump in Hong Kong equities on Friday.
Since the end of the previous year, according to Standard Chartered Wealth Management’s head of strategy, Daniel Lam, there has been an excessive amount of hype around Chinese stocks and economic statistics.