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Asian stocks fell this week, just the fourth weekly retreat this year for the regional benchmark, as the Group of 20 nations warned Europe’s debt crisis still threatens global growth and as U.S. economic data showed the recovery in the world’s largest economy is slowing.
U.S. stocks rose, snapping a two- day decline for the Standard & Poor’s 500 Index, as profits from companies including Microsoft (MSFT) Corp. and General Electric Co. (GE) beat estimates and German business confidence improved.
The yen hovered close to its lowest levels against the dollar in 10 days after Bank of Japan Governor Masaaki Shirakawa said the central bank would continue powerful monetary easing until a 1 percent inflation target is in sight.
The euro was up 0.6 percent at $1.3216, having hit a two-week high of $1.3224 after setting off stops above $1.3209. For the week, the euro was up 1.1 percent, on track for its largest weekly gain since Feb. 26.
U.S. crude futures rose for the first time in three days on Friday, lifted by better-than-expected data on German business sentiment that helped ease worries about the euro zone debt crisis and improve the outlook for oil demand.
London Metal Exchange (LME) three-month copper rose $140 to finish at $8,190 a metric ton (1.1023 tons), nearly 4 percent away from its weekly trough on Monday at $7,885.25 — its cheapest level since late January.
Copper jumped 2 percent on Friday to be near the top of winners in the 19-commodity Thomson Reuters-Jefferies CRB Index .CRB. It gained ground alongside equities and the euro after an unexpected rise in German business sentiment bolstered investors’ appetite for risk.
Gold ended nearly flat in thin trade on Friday, logging declines for two of the past three weeks as investors took to the sidelines ahead of a key U.S. option expiration and a Federal Reserve policy meeting next week.
U.S. stocks mostly rose on Friday, led by solid earnings from McDonald’s, General Electric and Microsoft, but declines in banks and technology shares pulled indexes from their day’s highs.
The Dow Jones industrial average rose 65.16 points, or 0.50 percent, to 13,029.26. The S&P 500 Index gained 1.61 points, or 0.12 percent, to 1,378.53. The Nasdaq Composite dropped 7.11 points, or 0.24 percent, to 3,000.45.
Asian shares slipped on Friday as disappointing U.S. economic data stirred doubts about the strength of recovery, while the yen weakened after the Bank of Japan flagged the prospect of further monetary easing to support the struggling economy.
Tepid U.S. economic data boosted U.S. Treasuries on Thursday as reports on new jobless claims, regional manufacturing and sales of existing homes argued for accommodative monetary policy in the months and years to come, a bullish development for bonds.
Benchmark 10-year Treasury notes rose 4/32, their yields easing to 1.96 percent from 1.98 percent Wednesday.
The yen hovered near its lowest levels in ten days against the dollar on Friday and was set to stay under pressure on expectations of more easing by the Bank of Japan next week, although its outlook further out is less certain.
Brent crude for June delivery settled at $118 a barrel, managing to gain 3 cents, after falling to a session low of $117.68. On Wednesday, it dropped as low as $116.70, the lowest intraday price for front-month Brent since Feb. 10.
U.S. crude prices climbed towards $103 a barrel on Friday as lingering concerns over a disruption to Iranian oil exports and a weaker dollar offset pressure from extra Saudi supplies and weak U.S. economic data.