China's Economic Stimulus Boosts Stocks Amid Global Market Jitters

China's stock market rose as the central bank launched a new facility to invigorate equities. Meanwhile, mixed Asian markets reacted to growing economic slowdown concerns. In the U.S., robust economic data sustained the dollar near an 11-week high, with speculation about potential Federal Reserve rate cuts underway.

China's stock market witnessed an upswing on Friday as the nation's central bank introduced a swap facility targeting equity market growth. Despite the uptick, other Asian markets showed mixed reactions amid concerns about a slowdown in China's economic progress.

The U.S. dollar continued to hover close to an 11-week high, buoyed by strong economic data. Traders anticipated potential rate cuts by the Federal Reserve. Meanwhile, positive retail sales data and decreased jobless claims offered the Fed flexibility in monetary policy adjustments.

In the commodities arena, gold set a new record high, while crude oil prices edged up slightly, influenced by a surprise drop in U.S. oil inventories. However, concerns about global demand tempered weekly gains as Middle East tensions simmered.

(With inputs from agencies.)