US. stocks posted a sixth straight weekly gain, rising 0.9% for the week, on speculation Donald Trump was closer to pulling off one of his biggest legislative priorities after the Senate approved a budget vehicle for tax cuts.
The dollar index reached a three-month high and 10-year Treasury yields approached 2.4% amid speculation Trump was moving closer to selecting the next Federal Reserve chief.
People familiar with the process of selecting the next Fed chief said Trump’s advisers are steering him toward either Jerome Powell, a member of the Fed Board of Governors, or Stanford economist John Taylor.
European shares erased some of Thursday’s losses, advancing 0.1%, on the back of rising metal prices and positive corporate earnings.
The euro slipped slightly as investors eyed political developments in Spain and negotiations over Britain’s departure from the European Union
In Japan, a landslide election victory for Prime Minister Shinzo Abe sent Japanese shares higher, with the Nikkei 225 Stock Average advancing 1.1%.
The yen reached its weakest level since July, as PM Abe being in good political shape has key implications for the pending decision on the Bank of Japan’s leadership.