Stock Markets Higher Ahead Of US Jobs Data

Stock markets rose on Friday awaiting key US jobs data, while energy prices steadied after a brutal week of losses

London, (UrduPoint / Pakistan Point News - 3rd May, 2019 ) :Stock markets rose on Friday awaiting key US jobs data, while energy prices steadied after a brutal week of losses.

At about 1030 GMT, London's benchmark FTSE 100 index led the way with a gain of 0.8 percent, with traders also reacting to news that Britain's two main parties faltered badly in UK local elections, as voters vented their frustration with the prolonged Brexit deadlock.

"London stocks were largely unperturbed by the results as clearly bigger decisions await between now and (the) October" Brexit deadline, noted Fiona Cincotta, senior market analyst at City Index trading group.

"HSBC took the lead among the gainers, having reported a 31-percent increase in pre-tax profits and rising income from its Asian operations.

"Miners, resources companies and other financials were also among the top risers," she added.

The Dollar was up against the euro awaiting the release of US non-farm payrolls data on Friday that will provide a fresh snapshot of the world's top economy.

The figures come after the head of the Federal Reserve disappointed markets on Wednesday by saying that recent weak inflation was "transitory", denting hopes the US central bank would consider an interest rate cut this year.

A strong jobs report would reinforce Fed boss Jerome Powell's view that the economy was broadly healthy and all but kill off any chance of a cut in the near future.

- US-China trade concerns - There is also some unease after a report in Chinese media speculated that negotiators from China and the US had hit an impasse in the trade negotiations, citing the fact there were few details from their most recent talks in Beijing this week.

"Whilst these are just initial reports, clearly anything that suggests the US and China won't agree a deal will rattle investors," said Neil Wilson, chief market analyst for Markets.com.

However, the National Australia Bank pointed out that the comments contradicted reports by Politico and CNBC that suggested a deal could come as soon as next Friday.

In commodities trading on Friday, oil prices steadied after main contracts Brent and WTI tumbled from touching six-month highs last week. They took another hit on Thursday as data showed a surge in US stockpiles and output.

Oil had been rallying in recent weeks on output cuts by producer nations, Iran supply concerns, unrest in fellow OPEC members Libya and Venezuela and hopes for the China-US trade talks -- before heavy profit-taking took hold.

- Key figures around 1030 GMT - London - FTSE 100: UP 0.8 percent at 7,406.41 points Frankfurt - DAX 30: UP 0.3 percent at 12,377.68 Paris - CAC 40: UP 0.2 percent at 5,548.26 EURO STOXX 50: UP 0.3 percent at 3,499.76 Hong Kong - Hang Seng: UP 0.5 percent at 30,081.55 (close) Shanghai - Composite: Closed for holiday Tokyo - Nikkei 225: Closed for holiday New York - Dow: DOWN 0.5 percent at 26,307.79 (close) Euro/dollar: DOWN at $1.1159 from $1.1173 at 2050 GMT Pound/dollar: DOWN at $1.3000 from $1.3034 Dollar/yen: DOWN at 111.48 Yen from 111.50 yenOil - Brent Crude: DOWN 22 cents at $70.53 per barrelOil - West Texas Intermediate: UP six cents at $61.87 per barrel