SINGAPORETOKYO, June 24 Reuters Global stocks and bonds headed for their first weekly gain in a month on Friday, with growth concerns tempered by hopes that sliding commodity prices can help brake runaway inflation.

MSCI39;s broadest index of AsiaPacific shares outside Japan rose 1.4 on Friday, helped by short sellers bailing out of Alibaba  which rose nearly 7 amid hints that China39;s technology crackdown is abating.

Japan39;s Nikkei rose 1.2 for a 2 weekly gain, while SP 500 futures extended overnight gains by 0.76. EuroSTOXX 50 futures rose 1 and FTSE futures rose 0.6.

The week has been marked by steep declines for commodities on worries that the world economy is looking shaky and that interest rate hikes will hurt growth which in turn is also prompting traders to pare back some bets on the size of rate hikes.

Copper, a bellwether for economic output with its wide range of industrial and construction uses, is heading for its steepest weekly drop since March 2020. It fell in Shanghai on Friday and is down about 8 on the week.

Oil is also headed for a weekly loss. Brent crude futures are down 2.5 on the week to 110.35 a barrel, while benchmark grain prices sank with Chicago wheat off more than 8 for the week.

The falls have made for some relief in equities since energy and food have been the drivers of inflation. After heavy recent losses, MSCI39;s World equities index is up 2.3 this week, setting it up for the first weekly gain since May.

While market worries…