Global Markets Await US Payrolls Data, European Stocks Fall After ECB Rate Cut
HONG KONG (AP) — World stocks were mixed on Friday as markets eagerly awaited the release of key U.S. payrolls data later in the day. The futures for the Dow Jones Industrial Average and the S&P 500 were slightly higher, while European stocks fell in early trading following the European Central Bank’s decision to cut its key interest rate.
In Europe, France’s CAC 40, Germany’s DAX, and Britain’s FTSE 100 all saw declines. Meanwhile, Japan’s Nikkei 225 edged lower after data showed an increase in household spending, a positive sign for the country’s economy. Hong Kong’s Hang Seng index also declined, while China’s Shanghai Composite index saw a slight increase as trade data showed stronger-than-expected exports.
In Australia, the S&P/ASX 200 climbed, and South Korea’s Kospi surged. In the U.S., the S&P 500 and the Dow Jones Industrial Average saw minimal movement, with the Nasdaq composite slipping after hitting a record high.
Retailers like Big Lots and Five Below saw their stocks tumble after reporting disappointing earnings, highlighting the challenges faced by companies catering to lower-income customers. Many companies are facing a split in customer spending habits, with inflation impacting lower-income households more severely.
The U.S. government is set to release its monthly update on the job market later on Friday, with economists expecting a slight acceleration in hiring and wage gains. In the commodities market, U.S. benchmark crude oil and Brent crude both saw slight declines.
Overall, global markets are closely watching the U.S. payrolls data and other economic indicators for signs of the economy’s health and potential future trends.
