Global shares edge higher ahead of US jobs data

SINGAPORE – Global markets made modest gains on Friday as traders awaited cues from the release of U.S. jobs data.

Germany’s DAX advanced 0.4% to 12,390.28 and the CAC 40 in France gained 0.3% to 5,556.54.

Britain’s FTSE 100 index rose 0.7% to 7,404.96, after a private survey showed that services sector activity improved in April.

Wall Street was set for gains on the open.

 

The future contract for the S&P 500 index added 0.3% to 2,927.30, while that for the Dow Jones Industrial Average was also 0.3% higher at 26,343.00.

“Steady trading ahead of the non-farms seems likely. Most of the overnight moves across asset classes were reversals… pointing to risk reduction ahead of this key market event,” Michael McCarthy of CMC Markets said in an interview.

Benchmarks in Asia were mixed with thin trading on Friday, as news reports highlighting obstacles in the way of a China-U.S. trade deal weighed on sentiment.

U.S. website Politico, citing a representative of a lobbying group for American businesses, reported that the deal may not see China putting a commitment to cut back on state subsidies in writing.

Global Times, a Chinese tabloid, noted there were fewer details from recent negotiations in Beijing. But there was an overall consensus that both countries would ink a deal at some point.

The Kospi in South Korea dropped 0.7% to 2,196.32 while Hong Kong’s Hang Seng gained 0.5% to 30,081.55.

Australia’s S&P ASX 200 was less than 0.1% lower at 6,335.80.

Stocks rose in Taiwan but fell in Singapore, Indonesia and the Philippines. Markets in Japan and mainland China were closed.

ENERGY: Benchmark U.S. crude shed 26 cents to $61.55 per barrel in electronic trading on the New York Mercantile Exchange. It sank $1.79 to settle at $61.81 per barrel on Thursday. Brent crude, the international standard, fell 46 cents to $70.29 per barrel. It gave up $1.43 to close at $70.75 per barrel in the previous session.

CURRENCIES: The dollar slipped to 111.50 Japanese yen from 111.51 yen late Thursday. The euro fell to $1.1155 from $1.1176. /gsg

Read more...