Global shares fall as markets await the US jobs report, which is expected to influence Federal Reserve interest rate decisions. Learn about the latest updates on global stock indices, oil prices, and currency movements.
Bollywood Fever: Global stock markets largely fell on Friday as investors awaited a highly anticipated US jobs report expected to guide the Federal Reserve’s interest rate decisions. The report could shape the Fed’s next move on interest rates, especially as concerns about a potential US recession linger.
In Europe, France’s CAC 40 dropped 0.3% to 7,407.73, while Germany’s DAX slid 0.6% to 18,467.13. The UK’s FTSE 100 also experienced a decline of 0.5%, standing at 8,203.63. US stock futures indicated similar downward momentum, with Dow futures falling 0.3% to 40,691.00 and S&P 500 futures decreasing 0.7% to 5,476.25.
In Asia, trading remained cautious due to recession fears in the US. The Nikkei 225 in Japan fell by 0.7%, closing at 36,391.47. Australia’s S&P/ASX 200 bucked the trend, rising 0.4% to 8,013.40, while South Korea’s Kospi slid 1.2% to 2,544.28. China’s Shanghai Composite also fell 0.8% to 2,765.81, and trading in Hong Kong was suspended due to a typhoon.
US Economic Outlook and Fed Rate Expectations
The Federal Reserve recently maintained its main interest rate at a two-decade high to curb inflation, but many believe it will begin cutting rates soon to stave off a recession. The jobs report is seen as a key indicator for the size of this cut. Recent data suggested a slowdown in hiring last month, although fewer workers filed for unemployment benefits than expected. Meanwhile, growth in sectors like finance and health care was stronger than predicted.
In energy trading, US crude oil dipped slightly by 3 cents to $69.12 a barrel, while Brent crude, the global benchmark, edged up 4 cents to $72.73 a barrel.
In currency trading, the US dollar weakened slightly, trading at 142.75 Japanese yen, down from 143.40 yen. The euro remained nearly unchanged at $1.1111.
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