Bloomberg Business
-Stocks: Energy producers and banks led the rebound in the Stoxx Europe 600 Index, up 1.3 percent, the most this month on a closing basis, at 8:41 a.m. in New York. BP Plc and Royal Dutch Shell Plc rose more than 2.5 percent. Banca Popolare dell’Emilia Romagna SC, Banca Monte dei Paschi di Siena SpA and UniCredit SpA jumped more than 7 percent. S&P 500 futures climbed 0.8 percent after the gauge dropped 1.2 percent on Thursday. Japan’s Topix index gained 1.2 percent, trimming a second weekly loss.
-Currencies: The yen weakened 0.4 percent to 108.64 per dollar after surging to 107.67 last session, its strongest level since October 2014. Despite Friday’s pullback, the currency is still up more than 2.8 percent this week as the Fed’s dovish approach to U.S. interest-rate policy weighs on the greenback and traders speculate that Japanese officials are reluctant to intervene in the market. Finance Minister Taro Aso said Friday in Tokyo that rapid yen movements — whether strengthening or weakening — are undesirable, especially if they’re abrupt. Recent movements have been one-sided and the government will act appropriately if necessary, he said. The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major peers, slipped 0.2 percent. The Aussie gained 0.6 percent to 75.50 U.S. cents.
-Bonds: The yield on Spanish 10-year bonds fell seven basis points to 1.54 percent. The securities fell for six days through Thursday, the longest run since a nine-day losing streak through July 24, 2012. That was two days before European Central Bank President Mario Draghi’s pledge to do “whatever it takes” to preserve the euro. Italian and Portuguese bonds also rose, while the yield on U.S. 10-year Treasuries added four basis points to 1.73 percent, paring this week’s decline to five basis points. U.S. debt has advanced along with other haven assets such as the yen and gold amid renewed concern that easy monetary policies haven’t boosted global growth.
-Commodities: West Texas Intermediate crude rallied 5 percent to $39.10 a barrel, on track for a 4.9 percent weekly advance. Brent was up 4.7 percent to $41.29 on Friday. Speculation has returned that Russia and OPEC members can reach a deal on freezing oil output when they meet in Doha on April 17. Saudi Arabia has said it will only agree if it’s joined by other suppliers including Iran, while Kuwait said a deal can be done without Iran’s support. An unexpected drop in U.S. crude inventories in data out this week also helped crude’s recovery. Copper was little changed, wiping out its gains for 2016 as miners and investors gathering at an industry conference in Chile expressed concern over demand for the metal. Nickel advanced 1.1 percent after sliding 2.3 percent Thursday.
CNN Money
-Let’s bounce: U.S. stock futures are bouncing higher and European markets are rising in early trading. Italian banking stocks are staging a stand-out rally, which is lifting the FTSE MIB index by about 2%. Italian bank shares have been pushed down over the past few months over concerns about billions in bad debts. Asian markets ended the week with mixed results. Oil is up about 3% to trade around $38.50.
– Thursday market recap: The Dow Jones industrial average experienced its worst loss in six weeks on Thursday, dropping by 174 points, or 1%. The S&P 500 fell 1.2%, turning negative for year. The Nasdaq declined by 1.5%.
– Yen in focus: Traders are watching the Japanese yen as it gives back some the gains made in recent months. The yen has strengthened by 10% against the U.S. dollar this year, and is up 9% versus the euro over the same period. The currency’s continued strength could prompt the country’s central bank to increase its stimulus program. «On a trade-weighted basis, it has not been as strong since late 2013,» explained specialist Asian economists at Capital Economics. «We think that the ongoing strength of the exchange rate has made it ever more likely that the Bank of Japan will announce more stimulus at the meeting later this month.»
-Stock to watch — Yahoo: Ailing tech giant Yahoo (YHOO, Tech30) continues to be «one to watch» following a Bloomberg report that Verizon (VZ, Tech30) and Google (GOOG) are considering bids for the company. Both Verizon and Google declined to comment to CNNMoney.