In Asian Equity Markets indices made strong gains in Friday. In mainland China, the Shanghai composite rose 1.01% by the afternoon, while the Hang Seng index advanced 1.09%. The Nikkei 225 in Japan added 1.85% in afternoon trade, as shares of semiconductor equipment manufacturer Tokyo Electron jumped more than 4%. In South Korea, the Kospi gained 1.24%, as shares of industry heavyweight Samsung Electronics advanced beyond 1%. Australia’s S&P/ASX 200 also rose 0.71%, as gold miners saw strong gains.

In Currency Markets the U.S. dollar steadied on Friday but was still on the defensive after Federal Reserve officials bolstered expectations of an aggressive rate cut this month to address weakening price pressures. At a central banking conference on Thursday, New York Fed President John Williams argued for pre-emptive measures to avoid having to deal with too low inflation and interest rates. The dollar stood at 107.42 yen, up 0.2% from late U.S. levels after having hit a three-week low of 107.21 the previous day. The euro eased slightly to $1.1266 from $1.1282.

In Commodities Markets oil prices climbed around 2% on Friday after the U.S. Navy destroyed an Iranian drone in the Strait of Hormuz, a major choke-point for global crude flows, again raising tensions in the Middle East. Brent crude futures were up $1.28 cents, or 2.1%, at $63.23. They had fell 2.7% on Thursday, falling for a fourth day that leaves them still set for a weekly drop of more than 5%. West Texas Intermediate crude futures firmed 97 cents, or 1.8%, at $56.27. They ended 2.6% lower in the previous session, and are heading for a weekly decline of more than 6%.

In US Equity Markets stocks moved higher on Thursday after a slow start as comments from New York Fed President John Williams helped cement expectations for an interest rate cut from the U.S. central bank at the end of the month. Before Williams’ comments, stocks had been lower as shares of Netflix Inc fell 10.3% after the company’s quarterly results, which missed targets for new subscribers overseas. The S&P 500 gained 0.36%, to 2,995.11 and the Nasdaq Composite added 0.27%, to 8,207.24.

In Bond Markets U.S. Treasury yields declined on Thursday after a Federal Reserve official said policymakers need to add stimulus early to address too-low inflation when interest rates are near zero and said they cannot wait for economic disaster to unfold. Benchmark 10-year notes were last up 7/32 to yield 2.038%, down from 2.061% late Wednesday. The U.S. central bank is seen as certain to cut rates on concerns about global growth when it meets on July 30-31.