Business

US futures rose after jobs data; Dollar Fall: Market Covers


US stock futures rose on Thursday after data showed jobless claims rose slightly last week, but remained near historic lows. Treasury yields were lower and the dollar’s gauge extended the downtrend.

Contracts on the tech-heavy Nasdaq 100 rose 1% after Asian tech shares rose earlier amid signs China is easing a regulatory crackdown. Contracts on the S&P 500 rose about 0.7%. Tesla Inc. jumped more than 4% in premarket deals, with tech giants including Apple Inc. Amazon.com Inc. also among the stocks with the strongest increase in price.

The US employment data did not contain any unexpected surprises, while highlighting the resilience of the labor market despite the Federal Reserve’s monetary tightening. Labor Department data showed initial jobless claims rose to expectations of 225,000 in the week ended December 24. Claims continued to rise to 1.7 million in the week ended December 24. on December 17, the most since early February.

The recovery, especially in the tech sector, is a small glimmer of light as the year draws to a close with investors refocusing on the risks arising from the spread of Covid-19. The United States said on Wednesday that it would require airline passengers arriving from China to have a negative Covid-19 test result before entering the country. In Italy, health officials said they would test people arriving from China after nearly half of passengers on two flights from China to Milan were found to have the virus.

Hong Kong has removed restrictions on gatherings and testing travelers in a further easing of the last key Covid-19 rules, providing a boost to the global economy. demand but raised concerns that it would increase inflationary pressures and prompt US policymakers to maintain tight monetary settings.

Craig Erlam, senior market analyst at Oanda Europe Ltd, said: “Investors are entering 2023 with a cautious mindset, ready for more rate hikes and anticipating a worldwide recession. bridge.” prevent. There’s been a complete shift from fighting every case to living with the virus, and that created huge uncertainty at the start of the year.”

The Stoxx Europe 600 index erased losses to trade little changed, with gains in technology stocks offsetting declines in consumer and retail-focused stocks.

Global stocks have lost a fifth of their value by 2022, the biggest drop since 2008 on a year-over-year basis, and the global bond index has fallen 16% amid lingering inflation and rising interest rates. .

Elsewhere in the market, oil fell amid thin liquidity as investors weighed the consequences of Russia’s export ban on price-cap-compliant buyers.

This week’s main events:

  • ECB to release economic news, Thursday

Some key moves in the market:

share

  • S&P 500 futures were up 0.7% at 9:09 a.m. New York time
  • Nasdaq 100 futures up 1%
  • Dow Jones Industrial Average futures rose 0.5%
  • Stoxx Europe 600 up 0.3%
  • The MSCI World Index was little changed

currency

  • Bloomberg Dollar Spot Index drops 0.4%
  • The euro rose 0.4% to $1.0656
  • British Pound rose 0.2% to $1.2043
  • Japanese yen rose 0.9% to 133.21 to the dollar

electronic money

  • Bitcoin up 0.5% to $16,600.08
  • Ether up 1.1% to $1,199.55

bonds

  • Yields on 10-year Treasuries fell one basis point to 3.87%
  • German 10-year yield little changed at 2.50%
  • UK 10-year yield rose 6 basis points to 3.72%

Goods

  • West Texas Intermediate crude fell 1.7% to $77.63 a barrel
  • Gold futures are little changed

This story was produced with assistance from Bloomberg Automation.


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