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Focus Shifts To U.S. Jobs As Global Stocks Have Their Best Week Of The Year

Economy of China's Inevitable Slowdown (Photo: The National Interest)

As investors applauded a halt to U.S. interest rate hikes, global markets were poised for their largest weekly gain in a year on Friday, with the dollar weakening.

Biggest Weekly Increase

However, Friday’s trading was comparatively quiet as investors awaited the release of important U.S. employment data later in the day.

Since Monday, the MSCI World stock index has increased by 4.3%, marking the biggest weekly increase since November 2022. For the day, the index was up 0.23%.

The benchmark Stoxx 600 share index for Europe was up 0.16% on Friday and was expected to rise 3.4% weekly, the highest level since March. Both the DAX in Germany and the FTSE 100 in Britain saw increases of 0.18% and 1%, respectively.

The Fed held interest rates constant for a second meeting straight on Wednesday, and the Bank of England did the same on Thursday, which caused bond yields to plummet and spark the stock market rise.

While many investors think that lower borrowing costs are likely to come next, central bank officials emphasized that more may need to be done to combat inflation.

U.S. rates were the main factor pulling down the dollar index, which was down 0.16% at 106.03 on Friday and expected to decline by 0.49% for the week. The euro was up 0.15% at $1.064, indicating a weekly gain of 0.69%.

Cryptocurrency Exchange

Futures for the S&P 500 stock index in the United States were down 0.2% on Friday, suggesting a minor decline at the opening after the index had increased 1.9% the day before.

Stocks

Source: CNN

After Apple’s holiday quarter sales forecast fell short of Wall Street’s expectations, the company’s shares, which are listed on the Frankfurt stock exchange, dropped 2.3%. In pre-market U.S. trading, it was down almost three percent.

Although both were marginally higher on Friday, Brent crude oil futures had down 3.8% from Monday to $87.04 a barrel, while U.S. crude traded at $82.67 a barrel.

On Thursday, Sam Bankman-Fried, the creator of the defunct cryptocurrency exchange FTX, was found guilty of stealing from clients. The market did not appear to respond, therefore bitcoin managed to maintain its sharp recent gains at $34,269.

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