Asian markets closed on a mixed note Friday on fresh trade war fears after Washington announced tariffs on steel and aluminum imports from European Union, Canada and Mexico would be reapplied.
In mainland China stocks finished the session lower as Chinese A shares made their long-awaited debut on MSCI's Emerging Markets Index.
In Australia, the local bourse ended the session firmly in the red with banks and energy stocks contributing to the overall decline. In Malaysia and Indonesia markets were closed in observance of the King's Birthday and Pancasila Day, respectively.
European markets closed significantly higher as investor sentiment received a boost from the news that Italy gets a new government and that Spain will get a new Prime Minister after Mariano Rajoy was ousted as leader of the country.
Europe's banking index led the gains, up 2 percent as Italian banks surged higher on the news that Giuseppe Conte was sworn in as Italy's prime minister who will lead the country's new coalition government. Banco BPM soared 8.45%, BPER Banca surged 7.87% while Ubi Banca, Banca Generali and Unicredit also ended the session with sharp gains.
Italy's FTSE MIB closed 1.49% in the green while Spain's IBEX 35 was up 1.56% as Rajoy will be replaced by Socialist leader Pedro Sanchez.
Across the Atlantic, U.S. stocks closed higher after better-than-expected U.S. employment data and news that US President Donald Trump confirmed he will meet North Korean leader Kim Jong-un in Singapore on June 12. The U.S. economy added 223,000 jobs in May, while economists polled by Reuters expected a gain of 188,000. The unemployment rate edged down to 3.8 percent in May from 3.9 percent in April.
World Markets Headlines Today
Nikkei Asia300 posts weekly loss amid heightened trade fears (Nikkei Asian Review)
India: Sensex falls 95 points dragged by banking stocks, Nifty ends below 10700 (Mint)
Australia: ASX sinks below 6000 points (Australian Business Review)
European stocks rally at open as Italy clinches deal (Fin24)
European stocks rally as banks lead gains; FTSE MIB up 2.5% after Italy agrees to form a government (CNBC)
European Shares Rally As Italy Gets New Government (RTT News)
Stock market scores solid gains after stronger-than-expected jobs report (Marketwatch)
Stocks Post Sharp Gains Following Solid U.S. Jobs Report (The Street)
Stocks Rally, Led by Tech, as Jobs Give Fed Cover (Bloomberg)
Gold steadies below $1,300/oz ahead of US payrolls data, Oil prices steady amid US supply growth, OPEC uncertainty (Reuters)
25 Major Markets Stock Indices Closing Data
All Continents Stock Indices Closing Data
Tokyo's Nikkei 225 was down 0.14% while Hong Kong's Hang Seng rose 0.08%. China's Shanghai Composite fell 0.65%. South Korea's KOSPI was up 0.66%. Mumbai's Sensex decreased 0.27% while Nifty 50 was lower by 0.37%. Australia's ASX 200 finished the day 0.36% in the red. Singapore's STI ticked down 0.02%.
The Paneuropean STOXX600 was up 1.01%. France's CAC gained 1.24%. London's FTSE was higher by 0.31%. Belgium's BEL 20 grew 1.20%. Amsterdam's AEX gained 1.15%. Moscow's MOEX dropped 0.33%.
In Southern Europe, Lisbon's PSI20 advanced 0.89% while Spain's IBEX 35 increased 1.76% and Italy's FTSE MIB rose 1.49%. In Scandinavia, Stockholm's OMXS30 was up 1.26% while Copenhagen's OMXC25 was higher by 1.47%. Helsinki's OMXHPI increased 1.08%.
In Central Eastern Europe, Budapest's BUX grew 1.69% while Warsaw's WIG advanced 1.06%. Prague's PX was up 0.46% and Bratislava's SAX was unchanged. Tallinn's OMXT rose 1.49% while Riga's OMXR decreased 1.32%. In Vilnius, the OMXV was higher by 0.24%.
In South Eastern Europe, Bucharest's Stock Exchange was closed for Children Day holiday while Sofia's Sofix rose 0.21%. Belgrade's Belex 15 ticked up 0.05%. Podgorica's MNSE10 was unchanged. Sarajevo's SASX10 jumped 3.62% while Banja Luka's BIRS fell 0.79%. Ljubljana's SBI Top was off 1.27%. Zagreb's Crobex was higher by 0.18%. In Skopje, the MBI10 was off 0.93%. Istanbul's BIST100 dropped 1.47%. In Athens, the General Index advanced 2.77% while in Nicosia fell 0.79%.
Botswana's DCI ticked up 0.02% and Dar Es Salaam's ASI fell 0.19%. Johannesburg's ASI jumped 2.00% while Lusaka's ASI ticked down 0.01%. Nigeria's ASI slumped 3.38%. Namibia's Overal Index was higher by 1.38%. Tunisia's TUNINDEX was down 0.42%. Mauritius' SEMDEX dropped 0.07%. Uganda's ASI finished 1.09% in the hole and Zimbabwe's Industrial Index was up 1.59%.
In Canada, the S&P TSX Composite fell 0.11%. In the U.S., the Dow Jones advanced 0.90% while the S&P 500 gained 1.08%. The Nasdaq grew 1.51%. Mexico's IPC was up 0.78% and Brazil's Bovespa was higher by 0.63%. Chile's IPSA advanced 0.30%.