US and European stock futures were flat on Friday, with global stocks poised to cap their best week in a month as improving economic data provided solace against an acceleration in infections in the US.
Contracts on the S&P 500 were little changed after the Index rose in the wake of a stronger than anticipated US jobs report. Manufacturing gauges from the US and China also offered encouraging signs this week, against discouraging signs for the immediate outlook thanks to record numbers of new Coronavirus cases in several American states. Crude oil dipped Friday, while Asian stocks rose. The Dollar was flat, headed for a weekly drop.
Treasury futures were steady, with American cash equity and bond markets shut Friday for the July 4 long weekend. Gold is on course for a fourth week of gains, sitting just below $1,800 an ounce. The MSCI All Country World Index headed for an advance of more than 3% on the week.
Investors cheered data showing US payrolls rose by 4.8 million in June after an upwardly revised 2.7 million gain in the prior month. Still, Florida reported that infections and hospitalisations jumped the most yet, and Houston had a surge in intensive-care patients.
The US labour market made greater progress than expected last month digging out of a deep hole, yet, optimism over the rebound was tempered by stubbornly high layoffs and a resurgent Coronavirus outbreak across the country. President Donald Trump still said the report shows the economy is “roaring back.”
Elsewhere, oil came back from its highest level in almost four months.
These are some of the main moves in markets:
US Market Wrap
US equities gained ground Thursday as a rebounding labour market, evidenced in higher June nonfarm payrolls, offset continued concern over a spreading wave of Covid-19.
Source: Sanlam Private Wealth