Global stocks headed for their first weekly gain in three amid a surge in commodity prices, while traders braced for a key U.S. jobs report later on Friday that could provide clues on when the Federal Reserve will ease back on monetary stimulus.
MSCI’s benchmark for global equity markets, which tracks stocks in 50 countries, edged up about 0.1%, on course for a 0.4% gain this week.
· Japanese shares inch up led by cheap tech shares, COVID-19 measures cap gains
Japanese shares erased early losses and edged up on Friday as investors scooped up cheap technology stocks, while concerns around the slow recovery due to the extension of COVID-19 emergency measures capped gains.
The Nikkei share average gained 0.3% to 29,419.23 by 0207 GMT, and the broader Topix rose 0.53% to 1,937.56. Both indexes inched down earlier in the session following their biggest percentage gain in two weeks on Thursday.
· China stocks firm on upbeat trade data, services survey
China stocks rose on Friday after the country’s export growth unexpectedly accelerated in April, and a private survey showed robust service sector activity.
The CSI300 index rose 0.2% to 5,070.81 points at the end of the morning session, while the Shanghai Composite Index advanced 0.4% to 3,455.79 points.
China’s export growth unexpectedly accelerated in April as the brisk U.S. recovery and stalled factory production in other countries hit by coronavirus propped up demand for goods made in the world’s second-largest economy.
· Indian shares set for strong weekly gains, metal stocks surge
Indian shares rose to a one-week high on Friday and were set for a solid weekly gain as banks firmed and metal stocks scaled new peaks on strong commodity prices, despite domestic coronavirus cases clocking another record daily rise.
The NSE Nifty 50 index rose 0.68% to 14,825.35 by 0434 GMT, while the benchmark S&P BSE Sensex advanced 0.74% to 49,311.77. Both indexes were set for weekly gains of more than 1% each.
· European markets climb ahead of U.S. jobs report; Adidas up 7%
European markets advanced cautiously on Friday as global stocks eyed a positive week amid surging commodity prices, while investors digested a round of earnings and awaited a key jobs report out of the U.S.
The pan-European Stoxx 600 climbed 0.3% in early trade, with oil and gas stocks adding 0.6% to lead gains as most sectors and major bourses held in positive territory.
Stateside, stock futures are indicating a flat open on Wall Street after the reflation trade drove the Dow to another record high during Thursday’s trading hours.
Adidas upgrades outlook for 2021 with sales expected to grow almost 20%
· FTSE 100 set for best week since April on recovery hopes
London’s FTSE 100 rose on Friday and was on track for its best weekly performance in a month, as hopes of a stronger economic recovery powered energy and industrial stocks, while Meggitt shares soared on a takeover report.
The bluechip index rose 0.3%, with engineer Melrose Industries adding 1.5% after Morgan Stanley raised its price target on the company’s shares.
Reference: CNBC, Reuters
Thai
Eng