Cautious optimism over Sino-U.S. trade talks underpinned global stocks on Friday...
LONDON - Cautious optimism over Sino-U.S. trade talks underpinned global stocks on Friday, benchmark bond yields ground higher and the dollar reached a three-week high against the yen before U.S. job data.
The pan-European STOXX 600 index nudged higher, heading for its best performance in three weeks, with markets in Paris and London adding 0.1 percent. German stocks were treading water, though the index was on track for its best week since December 2016. “The main overnight news, which is positive if not very substantial, is around the U.S.-China trade deal,” said Mizuho strategist Antoine Bouvet. “German industrial orders yesterday added to worries in the manufacturing sector, but industrial production today actually surprised to the upside.”
The limelight is now shifting to the U.S. payrolls report, which is forecast to rebound to 180,000 in March, following February’s distorted 20,000 rise. In focus will be hourly earnings, which climbed to 3.4 percent in February, the fastest pace since April 2009. On Thursday, the S&P 500 reached its highest level since Oct. 9 and is only 1.75 percent below its record closing high.The cautiously optimistic mood weighed on safe-haven debt, with government bond yields in Europe and the United States rising in early trade. U.S. Treasury yields and German 10-year bond yields, the benchmark for the euro zone, climbed to a two-week high, the latter just above zero.
FILE PHOTO: A man looks on in front of an electronic board showing stock information at a brokerage house in Nanjing, Jiangsu province, China February 13, 2019. REUTERS/Stringer
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