Stocks, dollar stall ahead of US jobs data; oil gains as Gulf tensions flare
Global stocks experienced their strongest weekly gain since May as a weaker-than-expected U.S. jobs report eased concerns about an imminent Federal Reserve rate hike. U.S. stocks rose, led by technology and consumer discretionary shares, while Treasury yields fell, reflecting diminishing expectations that the Fed would raise rates at next month's meeting.
Among major gainers were SpaceX, which increased 12% on Friday and 19% for the week, and Tesla, up 3.8% for the day and 6.4% for the week. The Nasdaq rose 1.3% near midday, and the dollar fell, providing a reprieve for the Japanese yen, which strengthened to 157.70 per dollar after earlier approaching 159. MSCI's All-World index rose 2.4% this week, its most significant gain in three months.
Europe's STOXX 600 index also showed gains, up 0.6% on the day and 2% for the week, driven by healthcare and technology shares.
Written by urgent.news from Channel News Asia's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
