Global stocks are headed for the first gain in three weeks amid surging commodity prices as traders announced Friday’s major U.S. jobs report, which may provide clues as to when the Federal Reserve was up to date. Will relax financial impulses
MSCI Benchmark for Global Equity Markets (.MIWD00000PUS), which tracks stocks in 50 countries, moved up about 0.1percent and gained 0.4 percent this week.
The broadest index of stocks in Asia Pacific outside Japan. (.MIAPJ0000PUS) were up about 0.4 percent on Friday, with Chinese blue chips (.CSI300) and Japan’s Nikkei (.N225) each up about 0.3 percent.
Aluminum prices hit their latest levels in 2018 and copper hit a 10-year high as investors bet on a rapid global recovery from the outbreak, led by the United States.
Overnight, Wall Street investors bought economically sensitive stocks on benchmark trading, pushing the Dow Jones Industrial Average to close to a record high on Thursday.
The Dow (.DJI) was up 0.9%, the S&P 500 (.SPX) was up 0.8%, and the Nasdaq Composite (.IXIC) was up 0.4%.
S&P futures pointed to further growth, up 0.2 percent on Friday.
U.S. stocks rose, led by financial and industrial sectors, after reports showed the number of Americans filing new applications for unemployment benefits fell below 500,000 in the last week, the first since the COVID-19 outbreak began, which was Signal that the recovery of the labor market enters a new phase amid Booming economy Read more about studying in Pakistan
The Russell 1000 Value Index (.RLV) gained 0.8%, surpassing the Russell 1000 Growth Index (.RLG), which was a 0.5% gain.
The focus is now shifted to Friday’s nonfarm payrolls report, with estimates ranging from 700,000 to more than 2 million positions created in April.
“Get ready for a big paycheck,” wrote Chris Weston, head of research at the Pepperstone brokerage in Melbourne, in a client note.
“The commodity area is talking” and finance is “playing the bull” that goes into payroll reports, he said.
The safe dollar fell to this week’s lows against a big basket on Friday before the employment report as stability in global equities raised risks.
The dollar index fell to 90.837 and is in the process of falling 0.4% this week.
Treasury yields were near this month’s low on Friday and removed support for the dollar after most bond traders shrugged off data on first-time jobless claims. Better than expected and wait for the Non-Farm payroll report to give market direction.
The 10-year promissory note yielded 1.5714% early in the Asian session.
Gold rallied 2.5 percent a week, the most since December, as a weaker dollar and easing Treasury yields pushed the precious metal, a hedge against inflation, above the level. $ 1,800 an ounce towards the last trade of $ 1,813.54.
Our Standard: The Thomson Reuters Trust Principle.