A gauge of global stocks declined after early gains dissipated on Friday as expectations for a strongly dovish U.S. Federal Reserve at its next meeting were dialled back, pushing the dollar higher.
USA stock futures traded higher in early pre-market trade, ahead of earnings from American Express Company (NYSE: AXP) and ManpowerGroup Inc.
Expectations for a rate cut of half a percentage point at the Fed's July 30-31 meeting are now at 22.5%, according to CME's FedWatch tool, down from as high as 71% on Thursday.
Trump's ire grew three weeks ago, when European Central Bank President Mario Draghi said they were ready to cut interest rates if the economy needed it.
The benchmark Nikkei share average rose 1.7% to 21,398.83 in midmorning trade but the index was on track to post a 1.3% loss for the week, its biggest weekly drop since late May.
In what will likely be read as a strong argument in favor of quick action by the Fed to cut rates this month, New York Fed President John Williams said that 1 of the lessons from his research is that, when rates and inflation are low, policymakers can not afford to keep their "powder dry" and wait for potential economic problems to materialize.
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Taking their cues from Taiwanese chipmaker TSMC's positive revenue outlook, Japan's chip sector drove gains with Advantest, Disco and Tokyo Electron surging between 4.6% and 6.5% each.
"I like New York Fed President John Williams first statement much better than his second", Trump wrote in a series of tweets attacking the central bank early Friday.
The two sides resumed talks recently to seek an end to a year-long trade war that has rattled financial markets and slowed global growth. Asia stocks tracked an advance in USA shares. "China trade issues and tensions over Iran are likely to limit the markets' gains", said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management, in a Reuters report.
Williams has "reassured markets that his comments were academic and not about immediate policy changes and the dollar has modestly recovered as a result", said Joshua Tadbir, corporate hedging manager at Western Union Business Solutions. The currency had previously lost 0.6% against its Japanese peer. The 2-year yield was at 1.7908 percent after touching a two-week low of 1.7520 percent.
The euro fell against the rebounding US dollar on Friday and hit a 2-year low versus the Swiss franc, as investors ramped up bets for a European Central Bank interest rate cut as early as next week.
West Texas Intermediate crude advanced 1% to $55.85 a barrel.Gold slid 0.3% to $1,442.27 an ounce.