Stock Markets Mostly Retreat Before US Jobs Data
Umer Jamshaid Published February 07, 2020 | 06:34 PM
Stock markets mostly fell Friday on profit-taking ahead of key US jobs data, dealers said
London, (UrduPoint / Pakistan Point News - 7th Feb, 2020 ) :Stock markets mostly fell Friday on profit-taking ahead of key US jobs data, dealers said.
Equities largely bounced back this week after heavy falls triggered by worries about the economic fallout from China's deadly coronavirus.
Traders were awaiting Friday's release of key US jobs data, which will provide a fresh snapshot of the world's top economy, for their next lead.
Strong US data, Chinese financial support and a broadly healthy earnings season have provided a much-needed boost to equities after last week's sharp sell-off, while there is a sense that the global economic impact of the virus outbreak could be limited.
China's decision Thursday to halve tariffs on $75 billion of US goods as part of their trade detente also cheered the mood.
Observers say the virus, which has killed more than 600 people and infected 31,000, will batter Chinese growth in the first quarter but it could rebound later in the year, as it did after SARS.
"If the pattern of the SARS impacts are a guide, there is the potential for the Chinese economy to rebound with an above-potential growth rate once the outbreak subsides," said T. Rowe Price analyst Chris Kushlis.
"In 2003, China's growth rate climbed to 15.5 percent in the third quarter as pent-up demand saw consumption rebound as the SARS outbreak waned.
"A similar rebound following the coronavirus could help keep the longer?term track of the Chinese economy on a relatively even keel," Kushlis added.
Heading into the weekend, dealers were taking a step back after the week's strong gains across the world, which has seen all three main indices on Wall Street chalk up record highs.
Oil also fell Friday, as Russia said it would decide within days whether to back output reductions with its OPEC partners to counter a weakening of crude prices amid the spreading coronavirus.
Energy Minister Alexander Novak's announcement came a day after Russia rejected proposals to slash crude output at an OPEC+ meeting, media reported, and asked instead for more time to assess the virus' impact on the world economy and demand for crude.
They already have a production cut agreement in place, but OPEC kingpin Saudi Arabia and others have called for additional rapid cuts to support the oil price which stands close to 20 percent lower than a month ago.
- Key figures around 1215 GMT - London - FTSE 100: DOWN 0.6 percent at 7,458.34 points Frankfurt - DAX 30: DOWN 0.6 percent at 13,499.53 Paris - CAC 40: DOWN 0.3 percent at 6,019.46 EURO STOXX 50: DOWN 0.3 percent at 3,793.11 Shanghai - Composite: UP 0.3 percent at 2,875.96 (close) Hong Kong - Hang Seng: DOWN 0.3 percent at 27,404.27 (close) Tokyo - Nikkei 225: DOWN 0.2 percent at 23,827.98 (close) New York - Dow: UP 0.3 percent at 29,379.77 (close) Euro/dollar: DOWN at $1.0957 from $1.0983 at 2200 GMT Pound/dollar: UP at $1.2935 from $1.2931 Euro/pound: DOWN at 84.70 pence from 84.94 pence Dollar/yen: DOWN at 109.84 Yen from 109.99 yenBrent Crude: DOWN 0.6 percent at $54.58 per barrelWest Texas Intermediate: DOWN 0.6 percent at $50.63
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