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Global stocks rise after weak US jobs and weak economic data

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BEIJING (AP) Global stock markets and US futures were mostly higher on Friday after disappointing US jobs and economic data.

London and Frankfurt rose early in the session while Shanghai, Hong Kong and Seoul closed higher. Tokyo withdrew.

Overnight, the benchmark Wall Streets S&P 500 fell 0.4% for its third consecutive daily decline.

The market is likely still on a reflation path, but the path will get more choppy from here, Axi’s Stephen Innes said in a report. He said improvement requires a continued resumption of economic growth as government and central bank support is already reflected in asset prices.

In early trading, the London FTSE 100 was up less than 0.1% to 6,621.20 while Germanys DAX was up 0.2% to 13,912.29. The CAC 40 in France rose 0.2% to 5,741.49.

On Wall Street, futures on the S&P 500 Index and the Dow Jones Industrial Average rose less than 0.1%.

On Thursday, the Dow Jones fell 0.4% after the US government reported 861,000 people applied for unemployment benefits last week. The Nasdaq Composite fell 0.7%.

The minutes of the last Federal Reserve meeting showed central bank officials believe the coronavirus pandemic still poses significant risks to the economy.

In Washington, Treasury Secretary Janet Yellen urged Congress to avoid cutting cuts President Joe Bidens has proposed a $ 1.9 trillion aid package. She said the economy was in a deep hole despite signs of improvement.

In Asia, the Shanghai Composite Index rose 0.6% to 3,696.17 while the Nikkei 225 index in Tokyo lost 0.7% to 30,017.92. The Hang Seng in Hong Kong gained 0.2% to 30,644.73.

The Kospi in South Korea advanced 0.7% to 3,107.62 and the Sydneys S & P-ASX 200 fell 1.3% to 6,793.80.

Indias Sensex lost 0.9% to 50,848.50. The New Zealand and Southeast Asian markets also fell.

Also on Friday, a preliminary version of Japan’s monthly purchasing managers index for manufacturing hit its highest level in just over two years. This suggests that manufacturers are dealing with the country’s latest state of emergency better than many expected.

Stock prices have risen in the past six months amid optimism about the development of coronavirus vaccines. That sentiment was shaken after new spikes in infection in the United States and Europe prompted governments to reimpose travel and business restrictions.

GameStop shares fell 11.4% on Thursday. Congress is holding a hearing on recent corporate volatility in a standoff between Wall Street institutional investors betting against the companies and online retail investors who have pushed stocks higher.

In energy markets, benchmark US crude fell $ 1.10 per barrel to $ 59.42 electronically on the New York Mercantile Exchange. The contract fell 62 cents Thursday to close at $ 60.52. Brent, used for international oil prices, fell 92 cents to $ 63.02 per barrel in London. It lost 41 cents the previous session to $ 63.93.

The dollar fell to 105.36 yen from 105.70 on Thursday. The euro gained $ 1.2130 against $ 1.2086.

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