Global stocks end higher
In Washington, Treasury Secretary Janet Yellen urged Congress to avoid cutting President Joe Biden's proposed $1.9 trillion aid package. She said the economy is in “a deep hole” despite signs of improvement
London and Frankfurt rose in early trading; Shanghai, Hong Kong and Seoul closed higher
Beijing: Global stock markets and US futures were mostly higher Friday after disappointing American jobs and economic data.
London and Frankfurt rose in early trading while Shanghai, Hong Kong and Seoul closed higher. Tokyo retreated. Overnight, Wall Street's benchmark S&P 500 index lost 0.4 per cent for its third straight daily decline. "The market is likely still on a reflation path, but the way will get choppier from here," said Stephen Innes of Axi in a report. He said improvement requires "continued economic growth recovery" because government and central bank support already are reflected in asset prices. In early trading, the FTSE 100 in London was up less than 0.1 per cent at 6,621.20 while Germany's DAX gained 0.2 per cent to 13,912.29.
The CAC 40 in France advanced 0.2 per cent to 5,741.49. On Wall Street, futures for the S&P 500 index and Dow Jones Industrial Average were up less than 0.1 per cent. On Thursday, the Dow lost 0.4 per cent after the US government reported 861,000 people applied for unemployment benefits last week. The Nasdaq Composite tumbled 0.7 per cent. Minutes of the Federal Reserve's latest meeting showed central bank officials believe the coronavirus pandemic still poses considerable risks to the economy. In Washington, Treasury Secretary Janet Yellen urged Congress to avoid cutting President Joe Biden's proposed $1.9 trillion aid package. She said the economy is in "a deep hole" despite signs of improvement.
In Asia, the Shanghai Composite Index rose 0.6 per cent to 3,696.17 while the Nikkei 225 in Tokyo shed 0.7 per cent to 30,017.92. The Hang Seng in Hong Kong gained 0.2 per cent to 30,644.73. The Kospi in South Korea advanced 0.7 per cent to 3,107.62 and Sydney's S&P-ASX 200 tumbled 1.3 per cent to 6,793.80. India's Sensex lost 0.9per cent to 50,848.50. New Zealand and Southeast Asian markets also retreated.
