Stock markets steady before US jobs data

Arizona Tribune - Stock markets steady before US jobs data

Stock markets steady before US jobs data / Photo: MARIO TAMA - GETTY IMAGES NORTH AMERICA/AFP

Stock markets steady before US jobs data

ECONOMY 04.08.2023

Stock markets steadied Friday before the release of key US jobs data and as positive earnings helped to offset debt concerns in the world's biggest economy.

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Equities had slid midweek after Fitch stripped the United States of its top credit rating, making it more expensive for the country to borrow.

That saw investors switch to haven assets such as the dollar, yen and government bonds.

Oil prices rose Friday after Saudi Arabia extended by a month a cut in production.

Stock "markets have started to stabilise after a chaotic week led by the US debt downgrade and further interest rate hikes in the UK", noted Dan Coatsworth, analyst at AJ Bell.

"Amazon's better-than-expected second quarter results have put investors in a better mood."

Attention turns to an update on new US jobs, which could play a key role in the Federal Reserve's next move over interest rates.

"Having just come off the back of another 25-basis-point rate hike from the Federal Reserve last week, and what may well be the final rate hike of this cycle, (the) US payrolls data is likely to continue to showcase the resilience of the US economy," said CMC Markets analyst Michael Hewson.

Elsewhere on the corporate front, Apple has reported earnings that topped market expectations.

However shares in British advertising group WPP slumped seven percent Friday after a profit warning amid lower spending by US tech clients as they slash costs.

"Plus the world's second largest economy, China has also experienced a bumpier-than-expected recovery out of Covid this year, which has been another headwind for the advertising giant," said Victoria Scholar, head of investment at Interactive Investor.

- Key figures around 1115 GMT -

London - FTSE 100: DOWN 0.3 percent at 7,507.94 points

Frankfurt - DAX: DOWN 0.3 percent at 15,845.47

Paris - CAC 40: UP 0.2 percent at 7,273.09

EURO STOXX 50: UP 0.1 percent at 4,309.06

Tokyo - Nikkei 225: UP 0.1 percent at 32,192.75 (close)

Hong Kong - Hang Seng Index: UP 0.6 percent at 19,539.46 (close)

Shanghai - Composite: UP 0.2 percent at 3,288.08 (close)

New York - Dow: DOWN 0.2 percent at 35,215.89 (close)

Euro/dollar: DOWN at $1.0940 from $1.0952 on Thursday

Pound/dollar: DOWN at $1.2696 from $1.2710

Euro/pound: UP at 86.16 from 86.14 pence

Dollar/yen: UP at 142.72 yen from 142.52 yen

Brent North Sea crude: UP 0.4 percent at $85.44 per barrel

West Texas Intermediate: UP 0.3 percent at $81.83 per barrel

N.Mitchell--AT

CMSC	-0.53%	21.93	$
VOD	0.22%	13.89	$
CMSD	-0.73%	21.77	$
RELX	1.34%	31.34	$
BCE	-1.22%	22.92	$
RIO	-1.46%	93.74	$
RYCEF	2.12%	18.39	$
BCC	1.56%	81.02	$
RBGPF	5.69%	65	$
JRI	1.64%	12.79	$
NGG	-0.49%	83.01	$
GSK	1.16%	52.5	$
AZN	1.45%	188.41	$
BP	-1.59%	37.13	$
BTI	0.45%	62.76	$

Arizona Tribune - Stock markets steady before US jobs data

Stock markets steady before US jobs data

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