Asian equities advanced on Friday in line with a global rally as investors awaited key U.S. jobs data. Comments from Federal Reserve Governor Christopher Waller helped ease rate-hike concerns, pulling U.S. Treasury yields and the dollar lower, according to Reuters. The yen strengthened 2.6% for the week to around 155.7 per dollar, while markets trimmed the implied probability of a rate increase at this month’s meeting to 50% from about 63%.

U.S. investors were net buyers of equity funds for a second straight week through August 19, with net inflows totaling $11.72 billion. Largecap and multicap funds drew $9.58 billion and $1.36 billion, respectively, while midcap and smallcap funds saw modest outflows. Fund demand was supported by a strong earnings season and cooler inflation data, despite pressure from a bond market selloff and rising oil prices.

European shares posted modest gains on Friday, supported by a rise in gold prices, though the region was still poised for a weekly decline. Investors weighed persistent strain in global bond markets, while a diplomatic deadlock in the Gulf lifted oil prices and renewed inflation worries. Data showed $2.44 billion flowed into European equities in the week to Aug. 12, the biggest weekly inflow since late February. Brent crude touched a one-month high of $94.71 before profit-taking emerged.

India has ordered bulk sugar consumers that use more than 10 metric tons a month to hold no more than 15 days of inventory to cool record domestic prices. The rules take effect on September 1 and run through November 30. Dealers were already told to keep stocks to no more than 30 days, but prices have still climbed 10% over the past month to a record high. Prices are expected to stay elevated for at least the next three months as supplies tighten and festival demand strengthens.

Moderna shares doubled to a two-year high of $140.19, adding about $30 billion in market value in a single session as trading volume surged to more than 15 times the 50-day average. Merck rose 10% to a record high. Leerink Partners lifted its 2032 sales outlook for the cancer vaccine therapy to $1.4 billion from up to $1.2 billion. ORTEX data show short interest in Moderna at 13.5% of the free float, and analysts said growing pressure on short sellers is increasing the risk of a squeeze.

A sharp squeeze hit LME copper futures, pushing the cash-to-three-month premium up to $545 per metric ton on Monday, the widest since 2021, while the cash price reached a record $14,912 per ton. The next day, the “tom-next” roll cost surged to $110 per ton. Data showed a single long controlled 30% to 40% of warranted stocks, while two longs together held 50% to 80%, leaving total long positions above all available LME inventories. At the same time, the CME copper premium also climbed to $430 per ton.

Moderna and Merck said their jointly developed melanoma vaccine succeeded in a large trial enrolling 1,137 high-risk post-surgery patients. Earlier mid-stage data showed the therapy cut the five-year risk of recurrence or death by 49%. Barclays analysts have said they expect the treatment could generate about $3 billion in melanoma sales by 2035. Moderna shares surged in premarket trading, while Merck rose 7.5%.

Major U.S. stock indexes were mixed on Tuesday as geopolitical tensions offset strength in technology shares. The Dow fell 0.37% and the S&P 500 slipped 0.13%, while the Nasdaq rose 0.12%. Brent crude futures gained about 0.3%, lifting energy stocks. Tech was a standout as Anthropic projected 2028 revenue of $190 billion to $200 billion, while Western Digital and Sandisk climbed 6.3% and 10%, respectively, supporting the Nasdaq.

After U.S. inflation data, expectations that the Federal Reserve will keep rates unchanged strengthened, pushing the U.S. dollar index down 0.3%. Spot gold rose 0.7% to $4,379.95 an ounce, while silver added 0.7%, platinum gained 1.8% and palladium rose 1.1%. Rate futures indicate the probability of a September hike fell to 33% from 55% previously.