sunny.png
Tuesday July 27th, 2021 8:47AM

Global shares lower ahead of US monthly jobs report

By The Associated Press
Related Articles
  Contact Editor

TOKYO (AP) — Global shares were mostly lower Friday ahead of the release of a U.S. monthly jobs report that is viewed as a bellwether for the recovery from the pandemic.

Markets declined in Europe and Asia and U.S. futures also were marginally lower. On Thursday, Wall Street retreated, dragged lower by a decline in technology shares.

France's CAC 40 lost nearly 0.1% to 6,504.65 in early trading, while Germany's DAX lost less than 0.1% to 15,623.14. Britain's FTSE 100 slipped nearly 0.2% to 7,053.82. The future for the S&P 500 was unchanged and that for the Dow industrials slipped 0.1%.

In Asian trading, Japan's benchmark Nikkei 225 slipped 0.4% to finish at 28,941.52. South Korea's Kospi lost 0.2% to 3,240.08, while Australia's S&P/ASX 200 rose 0.5% to 7,295.40. Hong Kong's Hang Seng fell 0.2% to 28,918.10 and the Shanghai Composite erased earlier losses, edging 0.2% higher to 3,591.84.

The U.S. jobs report due out Friday could provide more clarity on the economic recovery and the potential for higher inflation. Economists are projecting it will show employers added 650,000 jobs in May.

While an improved jobs market suggests the economy is gaining momentum after the pandemic, investors are keeping a close eye out for signs of inflation.

“If we were to see robust improvement in the labor market tonight, it may suggest a shorter timeline for recovery back to its maximum unemployment rate and that may stoke tapering fears once again," Jun Rong Yeap of IG said in a commentary.

The benchmark S&P 500 index dropped 0.4% on Thursday to 4,192.85. It was dragged lower by technology companies, whose pricey valuations make them more sensitive to inflation fears, and is on track for a 0.3% weekly loss..

Rising inflation is expected as the economy recovers from the pandemic's impact, but the key question for many on Wall Street is whether it will be temporary or more permanent.

That likely would prompt central banks to raise interest rates, drawing investors away from stocks into higher-yielding alternatives.

The Dow Jones Industrial Average dropped 0.1% to 34,577.04. The tech-heavy Nasdaq lost 1% to 13,614.51. The Russell 2000 index of smaller companies gave up 0.8% to 2,279.25.

In energy trading, benchmark U.S. crude rose 32 cents to $69.13 a barrel in electronic trading on the New York Mercantile Exchange. It gave up 2 cents to $68.81 per barrel on Thursday. Brent crude, the international standard, added 27 cents to $71.58 a barrel.

The U.S. dollar weakened to 110.19 Japanese yen from 110.29 yen. The euro cost $1.2113, down from $1.2127.

___

Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
EU, UK investigate Facebook over classified ad competition
European Union and British regulators have opened dual antitrust investigations into Facebook to look into whether the company distorts competition in the classified advertising market by using data it collects from rival services
6:08AM ( 3 minutes ago )
Global shares lower ahead of US monthly jobs report
Global shares are mostly lower ahead of the release of a U.S. monthly jobs report that is viewed as a bellwether for the recovery from the pandemic
5:44AM ( 27 minutes ago )
After 2-year battle, House panel to interview Trump counsel
The House Judiciary Committee is set to question former White House counsel Don McGahn after years of trying
5:35AM ( 37 minutes ago )
Associated Press (AP)
The Latest: Denmark donating unused AZ jabs to Kenya
Denmark will donate 358,700 unused vaccine doses to Kenya, saying the batch of Astra Zeneca that expires July 31 should be delivered as soon as possible
3:52AM ( 2 hours ago )
The Latest: Student tower block in Germany quarantined
A tower block housing students in the German city of Dresden has been put under quarantine after a resident who had returned from India died
3:44AM ( 2 hours ago )
Asian shares slip, dragged lower by Wall Street tech fall
Asian shares are mostly lower, dragged down by a decline in technology stocks on Wall Street
2:31AM ( 3 hours ago )
AP Business
GM lifts forecast as chip shortage eases, stock hits record
Shares of General Motors Co. closed at a record high Thursday after the company said its efforts to manage the global computer chip shortage have worked better than expected, so it’s financial results will improve
5:40PM ( 12 hours ago )
White-knuckle thriller for AMC as it sells stock into frenzy
The wild ride for the summer’s blockbuster stock, AMC Entertainment, is getting even crazier
5:10PM ( 13 hours ago )
Stocks end lower on Wall Street; AMC sinks after stock sale
Stocks closed lower on Wall Street, led by more declines in big technology companies and putting the S&P 500 in the red for the week
4:12PM ( 14 hours ago )
AP Business - Economy
The Latest: California considers new workplace mask rules
California is set to fully reopen in less than two weeks and do away with nearly all mask and social distancing requirements for vaccinated people
10:12AM ( 20 hours ago )
Stocks fall broadly on Wall Street; AMC falls on share sale
Stocks fell on Wall Street in early trading Thursday as investors weighed the latest economic reports showing that unemployment is falling, but labor costs are rising
10:09AM ( 20 hours ago )
Stocks open lower on Wall Street; AMC falls on share sale
Stocks are opening lower on Wall Street Thursday, erasing the market's gains for the week
9:43AM ( 20 hours ago )
AP Business - Financial Markets
The Latest: Arizona’s state-run vaccination sites to close
Arizona’s state-run COVID-19 vaccination sites, which were touted as a national model, will be shutting down later this month
6:48PM ( 11 hours ago )
Biden offers tax deal to Republicans in infrastructure talks
President Joe Biden is trying to break a logjam with Republicans on how to pay for infrastructure
6:16PM ( 11 hours ago )
The Latest: Washington offers prizes for getting vaccinated
Washington is the latest state to offer prizes to encourage people to get vaccinated against COVID-19, with Gov. Jay Inslee announcing a series of giveaways during the month of June that include lottery drawings totaling $2 million, college tuition assistance, airline tickets and game systems
6:13PM ( 11 hours ago )
AP Business - Industries
Ally Bank ends overdraft fees, a first for large US banks
Ally Financial says it is ending overdraft fees entirely on all of its bank products becoming the first large U.S. bank to end overdraft fees across its entire business
7:15PM ( 1 day ago )
Fed to sell off assets from an emergency loan program
The Federal Reserve says it will start selling off the holdings of one of its emergency lending programs created last year to stabilize financial markets at the height of the pandemic crisis
6:49PM ( 1 day ago )
Fed survey sees faster growth despite supply-chain problems
The Federal Reserve is reporting that that the U.S. economy grew at a somewhat faster pace in April and May despite disruptions that choked supplies to the nations manufacturers
5:48PM ( 1 day ago )
AP Business - Financial Services
After 2-year battle, House panel to interview Trump counsel
The House Judiciary Committee is set to question former White House counsel Don McGahn after years of trying
5:35AM ( 37 minutes ago )
House Dems unveil $547B infrastructure bill amid Biden talks
House Democrats are weighing in on the infrastructure negotiations between President Joe Biden and Senate Republicans
5:23AM ( 49 minutes ago )
The Latest: Clay-court experts in action at French Open
The two players with the most wins on clay this season are in action at the French Open and bidding for a spot in the fourth round
4:56AM ( 1 hour ago )
Hong Kong vigil organizer arrested on Tiananmen anniversary
Police in Hong Kong have arrested an organizer of the annual candlelight vigil remembering the deadly Tiananmen Square crackdown and warned people not to attend the banned event as authorities mute China’s last pro-democracy voices
4:25AM ( 1 hour ago )
Protests as Austria grapples with violence against women
The 35-year-old woman was working at a tobacco shop in Vienna in March when authorities say her ex-boyfriend doused her in gasoline and set her ablaze
3:58AM ( 2 hours ago )