Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Stocks skip higher ahead of U.S. jobs data

EconomyJul 02, 2020 05:25AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. An SGX sign is pictured at Singapore Stock Exchange 2/2

By Marc Jones

LONDON (Reuters) - World stocks rose for a fourth straight day on Thursday as encouraging coronavirus vaccine trials kept investors' spirits up ahead of what was expected to be a record rebound in U.S. jobs figures later.

Economists polled by Reuters expect a bumper 3 million U.S. jobs to have been added in June on top of the 2.5 million created in May, and some generally reassuring data from both Asia and Europe this week.

Despite the ongoing rise in global virus cases, Asian equity markets saw their biggest daily rise in over two weeks overnight, aided by news that a vaccine being trialled by Pfizer (NYSE:PFE) and Germany's BioNTech had been well tolerated in early-stage human tests.

Europe made a strong start, with banking, travel and carmaker stocks driving 1-2% gains for its main bourses, and the euro helped back up towards $1.13 by another drop in the dollar.

"The big thing today is the U.S. non-farm payrolls... but by and large risk has been bid and the dollar has been weakening," said RBC FX strategist Alvin Tan.

"What has really helped sentiment (in the last 24 hours) has been some of the preliminary results on a vaccine".

A vaccine for COVID-19, which has now killed more than half a million people globally and sent the world economy into deep recession, has been long anticipated.

In a sign the positive sentiment will extend, E-minis for S&P500 rose 0.8%, while bond markets were also favouring risk over safety.

The 10-year Germany Bund yield broke above -0.4% for the first time in a week in its biggest daily jump in a month after improved euro zone manufacturing data the previous day, while Portugal's borrowing costs hit a 3-month low.

All major Asian indexes had been upbeat. Japan's Nikkei rose only fractionally, but China's blue-chip index added 2% and Hong Kong's Hang Seng jumped 2.8% as investors brushed off concerns over sweeping new security laws introduced by Beijing.

JOBS VS THE VIRUS

Attention was quickly turning to the U.S. employment figures later that will feed debate on whether the world's largest economy can sustain its fragile recovery in the face of rising COVID-19 cases in some key parts of the country.

"A better-than-expected outcome could go some way to settling the near-term debate that the U.S. labor market will heal relatively quickly and justify new highs in U.S. equities," said Stephen Innes, strategist at AxiCorp.

In commodities, the most-traded August copper contract on the Shanghai Futures Exchange touched 49,570 yuan ($7,016.28) a tonne, its highest of the year.

Top copper consumer China posted better-than-expected manufacturing data in June, while U.S. manufacturing activity rebounded and the factory sector in Germany contracted at a slower pace.

In Chile, where the number of COVID-19 cases have been climbing, miner BHP said it would begin to slow production at its small Cerro Colorado copper mine.

Oil prices climbed and gold eased as encouraging macro data prompted investors to take on more risk.

Brent crude climbed 30 cents to $42.37 a barrel. U.S. crude rose 35 cents to $40.17 a barrel. U.S. gold futures were 0.21% lower, at $1,776.20.

The dollar was largely unchanged against the Japanese yen at 107.45. The euro was higher at $1.1293, sterling rose to $1.2520 and the risk-sensitive Australian and New Zealand dollars were 0.3% and 0.5% stronger respectively.

Stocks skip higher ahead of U.S. jobs data
 

Related Articles

Midday Movers: Target, Lowe's, Doximity
Midday Movers: Target, Lowe's, Doximity By Investing.com - May 18, 2022

By Sam Boughedda Investing.com -- It's a down day Wednesday with the Dow and S&P 500 slumping more than 2% and the Nasdaq tumbling over 3%. Here are your midday movers on...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (14)
Ravi Kumar
Ravi Kumar Jul 02, 2020 5:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what about NASDAQ today?
Jim Jones
Jim Jones Jul 02, 2020 5:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Count me out on the vaccine tested less than 3 years... side effects, you have to make sure the cure isn't worse than the disease.
Jack Drummond
Jack Drummond Jul 02, 2020 5:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Jim Jones, aren't you the guy that told everyone to drink the Kool-Aid ???
James Harvey
TheRealGreyGhost Jul 02, 2020 5:14AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Jack Drummond   who's the one drinkin' koolaid!?!?!
Kaveh Sun
Kaveh Sun Jul 02, 2020 2:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If u buy chinese stocks (any chinese company), u support china. We all try to keep politic out of our investments but we cant look away n keep invest in china anymore.
Sam Donald
Sam Donald Jul 02, 2020 2:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I don't give a ****** Am investing to make money
Jul 02, 2020 2:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
China don't need you, you need chines stocks for your own profit.
Anis Bouderbala
Anis Bouderbala Jul 02, 2020 2:26AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Profit....that’s all...chinese or antarctica same****
Ted Dirty
DirtyTed Jul 02, 2020 1:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"Equity investors shrugged off concerns"...geez....US should get used with the Idea that HK is China....
Ted Dirty
DirtyTed Jul 02, 2020 1:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
...and why would Asia care about US payrolls..???
Ted Dirty
DirtyTed Jul 02, 2020 1:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
u know what...it is obvious that the media is paid to manipulate and to draw attention all the time on US internal political issues...how are related the Asian stocks to US payrolls??...
Boondock Saint
Boondock Saint Jul 02, 2020 1:42AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Ted Dirty US is the top importer of Asian goods
Ted Dirty
DirtyTed Jul 02, 2020 1:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Vaccine and recovery hopes, coronavirus fear...no matter where to market moves, journalists are playing 2 cards...
The Big Fish
The Big Fish Jul 02, 2020 1:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
just simpletons at Reuters and the selection of news by interns at https://investing.com
Miguel Garcia
Miguel Garcia Jul 02, 2020 1:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They are just like the Moving Averages.
Miguel Garcia
Miguel Garcia Jul 02, 2020 1:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
What vaccine? Stop the fake news.
eddie glass
eddie glass Jul 02, 2020 12:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lazy "financial news" has just replaced trade war headlines everyday with COVID-1984 nonsense
Lawrenti Berija
Lawrenti Berija Jul 02, 2020 12:59AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
covid 1984 - ha, that was good
Lakshmana Reddy
Lakshmana Reddy Jul 02, 2020 12:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Why asiN markets dependent on us payroll, you guys lost brains
Willy andreas
Willy andreas Jul 02, 2020 12:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
i heard about vaccine maybe more than 50times this weeks..and its still hope
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email