Global stocks were mixed on Thursday with US Treasury yields hovering around multi-month lows.while the operators waited Crucial data on employment in the world’s largest economy that could compound growing concerns about a global economic slowdown.
As equity investors avoided making big bets ahead of the Good Friday holiday, when the monthly report on US Nonfarm Payrolls is due to be released, the MSCI index of world stocks was flat.
The European STOXX 600 index rose 0.3%, boosted by data showing that German industrial production grew much more than expected in February. But recession fears weighed on US stocks and crude oil futures.
US Nasdaq E-mini futures pointed to a 0.5% drop at the open in New York.k, after the benchmark tech index plunged 1% on Wednesday. E-mini futures for the S&P 500 Index were down 0.1%, after falling 0.25% the day before.
Following the US Federal Reserve’s most aggressive interest rate hike cycle in decades to fight stubbornly high inflation, traders are now positioning themselves in favor of the central bank going much more dovish.
Data on Wednesday showed that US private employers hired far fewer workers than expected in March, adding to signs earlier in the week of an increasingly weak labor market.
The country’s service sector also slowed more than expected, while earlier figures also showed stagnation in factories.
Economists polled by Reuters expect US employers to have added 240,000 new jobs in March, down from 311,000 the previous month. Median income growth is also expected to have slowed to 4.3% yoy, from 4.6% in March.
The yield on the 10-year US Treasury note was trading around 3.29% on Thursday morning in London, holding close to the nearly seven-month low of 3.266% hit on Wednesday.
The dollar index was stable against other major currencies at 101.84, hovering around a two-month low.
Spot gold was down 0.1% from a one-year high hit on Wednesday.at $2,019 per ounce, but accumulated a rise of more than 2% in the week.
Oil was also under pressure, despite the surprising decision by OPEC+ producers to cut output over the weekend. Brent crude was down 0.3% at $84.76 a barrel.
Source: Ambito
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