Global shares eye upbeat end to week as investors look for strong US jobs data, while cryptocurrencies struggle | Currency News | Financial and Business News


A stock trader claps at the end of a trade on the New York Stock Exchange

Global stocks saw an bullish end of the week on Friday, trading near record highs ahead of the much-anticipated monthly update on US jobs, with investors waiting for another possible surprise after the huge failure in April.

S&P 500 and Nasdaq futures were last up 0.04% at 4:22 a.m. ET, but Dow Jones futures were 0.03% lower. On Thursday, US stock markets closed after a strong ADP from a 978,000 rise in personal payrolls and as weekly initial jobless claims fell to post-pandemic lows. The ISM service and manufacturing index rose.

The positive economic indicators lead to the Friday values ​​of the US non-farm payrolls in May, which analysts are forecasting to be much stronger than for April. Last month, investors were surprised by a sharp slowdown in hiring, leaving many unsure whether the big failure was a coincidence or a sign of a delay in the economic recovery.

While the consensus reportedly stands at 650,000, Deutsche Bank analysts expect the job data to reflect an increase of around 800,000. They expect the US unemployment rate to fall to a post-pandemic low of 5.9%.

However, concerns about inflation and overheating the economy will remain, Jim Reid, research strategist at Deutsche Bank, said in a statement.

“Even if the +800,000 job growth were realized, the non-farm payrolls would still be more than $ 7 million. The Fed is beginning to reduce its support,” he said.

As of the last review, the US Treasury yield was nearly unchanged at 1.628%.

Cryptocurrencies stumbled on Friday morning after an overnight tweet from Elon Musk led many to believe that he was “parting” with Bitcoin. Bitcoin was last valued at $ 36,779.59 after falling 5.22% to 4:49 a.m. ET in 24 hours. Ether, the second largest cryptocurrency, lost 7.12% to trade at $ 2,627.15.

Most of the smaller cryptocurrencies followed their decline. Binance’s BNB token fell 8.8%, Dogecoin lost 13.5%, XRP fell 9% and Polkadot lost 11.5% over a 24 hour period.

The European markets gave way on early Friday. The German DAX recently lost 0.03%, the Euro Stoxx 50 lost 0.11% and the British FTSE 100 lost 0.25%. UK travel and leisure stocks lost ground after the government removed Portugal, a major vacation destination for UK tourists, from its Covid-safe travel list.

Despite economic signs of recovery from the UK pandemic, many sectors are still struggling, said Michael Hewson, chief market analyst at CMC Markets, in a press release. “This week’s purchasing managers’ indexes have shown … a sharp spike in inflationary pressures as higher costs driven by supply and demand imbalances sparked the steepest price spike since 1996,” he said.

The Asian markets had a mixed session overnight. Japan’s Nikkei 225 closed 0.4% lower on strong household spending data. Meanwhile, the Hang Seng index in Hong Kong fell 0.12% and the Chinese Shanghai Composite fell 0.21%.

On Thursday, President Biden signed an updated ordinance banning U.S. investments in 59 Chinese military and surveillance companies, putting pressure on individual stocks on the list.

Oil prices continued to rise on Friday after hitting their highest level in two years earlier in the week. Brent crude was last traded at $ 71.71 a barrel, up 0.56%, while WTI crude rose 0.58% to $ 69.21 a barrel.