Bitcoin gains 5% this week while Stocks Drop and Dollar Slips

Stocks in Asia followed U.S. equities lower after an unexpected rise in American jobless claims rekindled concern a recovery in the world’s largest economy has stalled. The dollar extended this week’s slide.

Shares in Australia and South Korea opened lower, while futures in Hong Kong pointed down. The Nasdaq 100 Index dropped to a two-week low and turned negative for the week, erasing Monday’s rally.

Victoria Fernandez, chief market strategist at Crossmark Global Investments Inc., said on Bloomberg TV. “With initial claims moving higher this week, we need to keep an eye on the reopening plans across the country.”

Elsewhere, the yield on Italy’s benchmark bonds fell below 1% for the first time since March amid euphoria over the Europe Union’s pandemic recovery package. Japan remains closed for a holiday Friday.

These are the main moves in markets:

Cryptocurrencies
– Bitcoin goes from $9100 to $9600 this week.
– Ethereum rose over 17% this week.

Stocks
– S&P 500 Index futures rose 0.2% as of 8:05 a.m. in Hong Kong. The index fell 1.2% on Thursday.
– South Korea’s Kospi fell 0.8%.
– Futures on Hong Kong’s Hang Seng Index earlier declined 1.1%.
– Australia’s S&P/ASX 200 Index slipped 0.1%.

FIAT Currencies
– The yen was at 106.83 per dollar.
– The offshore yuan held at 7.0096 per dollar.
– The euro bought $1.1594.

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