Shares were higher in Europe and Asia ahead of an update Friday on U.S. wholesale prices that will provide insights into how businesses are coping with inflation.
People walk by monitors showing an exchange rate of the Japanese yen against the U.S. dollar at a securities firm in Tokyo, Friday, Dec. 9, 2022. –
Chinese benchmarks rose Friday on reports the government is planning new measures to support the ailing property sector, which has been a severe drag on growth over the past several years.that it has made “considerable progress" in restructuring $9.1 billion of its $11 billion in offshore debts. More than a third of the total originally was to fall due by the end of the year.
While outside experts had increasingly criticized China’s containment policy, which sought to isolate every case, as unsustainable, they have also warned that the country will now face a challenging first wave, as the loosened measures will no doubt fuel an increase of cases. On Thursday, the S&P 500 rose 0.8%, while the tech-heavy Nasdaq composite closed 1.1% higher. The Dow Jones Industrial Average added 0.5% and the Russell 2000 index of small caps added 0.6%.
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