rain.png
Thursday February 20th, 2020 6:35PM

With US closed, global markets tread water ahead of payrolls

By The Associated Press
Related Articles
  Contact Editor

LONDON (AP) — Global stock markets traded in narrow ranges on Thursday, a day after major U.S. indexes hit record highs in a pre-Independence Day rally amid ongoing hopes over an easing of trade tensions between the U.S. and China.

With Wall Street trading closed for the July 4 holiday, investors will be looking ahead to the U.S. government's closely watched monthly jobs report on Friday. The markets expect a solid 165,000 increase in non-farm payrolls. The outcome will likely be a factor in the Federal Reserve's meeting this month. The central bank has already said it is prepared to cut rates to shore up the U.S. economy if trade disputes crimp growth.

"The tranquility is unlikely to last, with tomorrow's non-farm payroll almost bound to inject volatility back into the markets," said Fiona Cincotta, senior market analyst at City Index.

In Europe, Germany's DAX closed up 0.1% at 12,629.90, while the CAC 40 in France was roughly flat at 5,620.73. Britain's FTSE 100 closed down 0.1% at 7,603.58.

Earlier in Asia, Japan's Nikkei 225 index added 0.3% to 21,702.45 and South Korea's Kospi rebounded, gaining 0.5% to 2,108.73. The S&P ASX 200 in Australia rose 0.6% to 6,718.00. The Shanghai Composite index gave up earlier gains, slipping 0.3% to 3,005.25. In Hong Kong, the Hang Seng shed 0.2% lower to 28,795.77. India's Sensex added 0.2% to 39,901.45.

Whatever materializes on the jobs front, the main driver for markets over the coming weeks will be what happens on the trade front. Last weekend's agreement by U.S. President Donald Trump and China's Xi Jinping to refrain from new tariffs pending a new round of negotiations has relieved some pressure on markets. But the trade war has not been resolved and still remains the biggest cloud hanging over the global economic outlook.

White House economic adviser Larry Kudlow told reporters in Washington that he expected to announce a new round of negotiations soon. "They're on the phone," he said. "There's lots of communication."

"We're not done yet, but we're hopeful," he said.

In energy markets, benchmark U.S. crude oil lost 35 cents to $56.99 per barrel in electronic trading on the New York Mercantile Exchange while Brent crude, the international standard, gave up 24 cents to $63.58 per barrel.

And in currency trading, the euro was steady at $1.1282 while the dollar was flat at 107.80 yen.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2020 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Trump says officials working on holiday on census dispute
Trump says it's important that a 'very simple and basic' question be included on the 2020 census: 'Are you a Citizen of the United States?'
12:15PM ( 12 minutes ago )
With US closed, global markets tread water ahead of payrolls
Global stock markets traded in narrow ranges on Thursday, a day after major U.S. indexes hit record highs in a pre-Independence Day rally amid ongoing hopes over an easing of trade tensions between the U.S. and China.
12:11PM ( 16 minutes ago )
San Francisco to paint over debated George Washington mural
San Francisco School Board decides to paint over a Depression-era mural of George Washington for its depiction of black and Native American people; critics worry the move allows modern sensitivities to censor a critical portrayal of American history.
12:07PM ( 20 minutes ago )
Associated Press (AP)
North Carolina proposes smokable hemp ban as demand grows
A proposed ban on smokable hemp is making its way through North Carolina's General Assembly after the product's popularity surged in the six months since the passage of the federal Hemp Farming Act of 2018.
11:49AM ( 38 minutes ago )
Gibraltar detains Syria-bound supertanker with Iranian oil
Authorities in Gibraltar said they intercepted Thursday an Iranian supertanker believed to be breaching European Union sanctions by carrying a shipment of Tehran's crude oil to war-ravaged Syria.
11:41AM ( 47 minutes ago )
The Latest: Iran summons British ambassador over tanker stop
Iran has summoned the British ambassador after authorities in Gibraltar intercepted a super tanker believed to be breaching European Union sanctions by carrying a shipment of Iranian crude oil
10:38AM ( 1 hour ago )
AP Business
World shares steady after US benchmarks hit record highs
World shares steady after Wall Street rally pushes benchmarks to record highs
7:36AM ( 4 hours ago )
Greek election front runner keeps campaign unusually low-key
The AP has followed Kyriakos Mitsotakis on an exhaustive campaign tour ahead of Sunday's general election in Greece, as the conservative front runner avoids mass rallies that have been a staple of the country's politics for decades
7:18AM ( 5 hours ago )
Japan export curbs take effect as SKorean officials protest
Japanese controls on exports of key materials used to make semiconductors and displays have taken effect, as South Korean officials vow to fight back
6:41AM ( 5 hours ago )
AP Business - Economy
Chinese official: Pig fever outbreak 'complicated and grim'
An official says the death toll from a disease that struck China's pig herds has risen to 1.2 million and the government is stepping up efforts to contain outbreaks
1:06AM ( 11 hours ago )
US stocks on track for third record high of the week
U.S. stocks moved broadly higher in early trading and are on track for their third record high in as many days.
10:11AM ( 1 day ago )
Survey: Modest job gains in June hint at slowing economy
US companies added just 102,000 jobs, a possible sign that the unemployment rate could rise
9:00AM ( 1 day ago )
AP Business - Financial Markets
Trump says officials working on holiday on census dispute
Trump says it's important that a 'very simple and basic' question be included on the 2020 census: 'Are you a Citizen of the United States?'
12:15PM ( 12 minutes ago )
San Francisco to paint over debated George Washington mural
San Francisco School Board decides to paint over a Depression-era mural of George Washington for its depiction of black and Native American people; critics worry the move allows modern sensitivities to censor a critical portrayal of American history.
12:07PM ( 20 minutes ago )
Titanic survivor's light-up cane to be sold at auction
A Titanic survivor's walking stick, with an electric light she used to signal for help from a lifeboat, is one of thousands of maritime items that will be up for auction in Rhode Island
12:07PM ( 21 minutes ago )
The Latest: Administration still exploring citizenship query
A high-ranking Justice Department official says the Trump administration has not abandoned efforts to add a citizenship question to the 2020 census
11:59AM ( 28 minutes ago )
The Latest: Federer wins on No. 1 Court at Wimbledon
Even a rare visit to No. 1 Court couldn't slow down Roger Federer at Wimbledon
11:59AM ( 28 minutes ago )