China’s factory activity expanded in July for the fifth month in a row and at a faster pace, beating analyst expectations.
Strong earnings from U.S. technology firms drove Wall Street higher but shares in Europe slid on Friday on doubts about the economic recovery from the coronavirus pandemic, while the dollar rose but still posted its worst month in a decade. The dollar has been weakening amid expectations the U.S. Federal Reserve will be forced to maintain its ultra-loose monetary policy for years, a policy seen as debasing the currency. Energy stocks fell sharply after Chevron Corp <CVX.N> reported an $8.3 billion loss on asset writedowns and ExxonMobil Corp <XOM.N> recorded a second consecutive quarterly loss.
The Australian share market ended higher; shaking off earlier fears a second national coronavirus wave could dent Australia’s economic recovery.