The world stock exchanges reached new historical highs, with the Optimism over lower US interest rates ahead of key employment figures on Fridaywhile the euro hit three-week highs ahead of French elections this weekend.
The New York Stock Exchange opened in an indeterminate direction, encouraged by confirmation of a slight cooling of the labour market, which would increase the possibility of an interest rate cut by the US Federal Reserve (Fed, central bank).
In early trading, the main index, the Dow Jones industrial index, fell 0.11%, the Nasdaq technology index gained 0.13% and the broader S&P 500 index of the top 500 companies was almost balanced (+0.03%).
Wall Street was quiet on Thursday due to the July 4 holiday in the United States.
The pound and British stocks advanced, while Britain’s Labour Party was heading for a landslide victory at the polls after 14 years of Conservative rule.
In Europe, Market attention quickly shifted to the second round of French elections on Sunday. French stocks have recovered ground after the sell-off suffered following the surprise announcement of early elections last month. The euro has benefited from speculation about a US rate cut.
Trading was subdued the day after the July 4 holiday in the United States, but is expected to pick up following the release of the June nonfarm payrolls report later in the day.
“We are in the sweet spot of the summer holidays for markets, with investors focused on inflation being brought back to target in major economies,” said Guy Miller of Zurich Insurance Group. “This, coupled with weaker US data, is positive for the inflation outlook, meaning rate cuts are back in the spotlight.”
He MSCI World Equity Index hit a new record high and later held near that level, advancing 0.08%. European stocks gained 0.4%, while Japan’s Nikkei and Topix also hit record levels.
US stock futures pointed to a slightly positive opening for Wall Street.
He US Treasury bond yield The yield on two-year notes was trading at around 4.69% and the yield on 10-year benchmark papers was slightly better at 4.36%.
In the currency markets, the euro rose to $1.0825 as polls suggest the far-right National Rally party will fall short of an absolute majority in the second round of French parliamentary elections on Sunday. dollar fell to 160.72 yen.
He gold rose 0.3 percent to $2,363.80 an ounce, on track for its second straight weekly gain, while crude prices were set to close their fourth straight week higher.
Source: Ambito
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