London/Singapore — Global stocks rose on Friday for the first time in three days ahead of key US jobs data, as investors took heart from reports China may relax its Covid-19 rules, boosting major currencies against the dollar and prompting a 2% rally in oil.
On Friday, China reported its highest daily count of new local Covid-19 cases in six months and a foreign ministry spokesperson said he was not aware of the report, but equities still surged, pushing Shanghai6s CSI 300 up by over 3%. The Hang Seng rose 5.4%, bringing gains for the week to 8.75%, its strongest weekly performance in a decade.
China-sensitive stocks, such as mining companies and luxury goods makers, rallied in Europe, lifting the Stoxx 600 by nearly 1% to a seven-week high. US index futures rose between 0.6-0.8%, suggesting an upbeat start on Wall Street, where the S&P 500 is heading for its largest weekly decline since late September.
Economists expect 200,000 workers to have been added to US non-farm payrolls in October. This would mark the slowest pace of growth so far in 2022, but most metrics suggest the labour market remains robust.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dailymaverick - 🏆 3. / 84 Read more »
Source: dailymaverick - 🏆 3. / 84 Read more »