Premier Wen Jiabao reminded everyone Friday that Chinese demand for U.S. Treasuries is a lynchpin of the global economic recovery. Jiabao said he's worried about the extent of China's exposure to U.S. financial assets and called on the U.S. to honor its words and ensure the value of the dollar and the safety of China's holdings.
The comments had surprisingly little effect, with Treasuries showing no change and gold showing no gains. Stocks managed to rally on the session, gaining 0.8 percent on the S&P 500 and closing a very important and very positive week, a week that saw big rebounds in financial shares on tangible hopes that the worst for banks may be passing.
Oil ended at just under $46 for April WTI ahead of Sunday's OPEC meeting which is widely expected to result in a token output cut, one that nevertheless is expected to trip short covering and a move toward $50. The dollar ended little changed against the euro at $1.2918.
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