London — European shares were mostly higher on Friday as investors await a key jobs report that will help gauge the strength of the US economy and provide hints on the pace of the Federal Reserve’s policy tightening in the second half of the year.
Investors are looking ahead to the US Labor Department’s comprehensive employment report, due at 12.30pm GMT, for any hints of a slowdown in the jobs market, which might give the Fed an option to slow or even pause interest rate hikes in the second half of the year. A Reuters poll of analysts expects 325,000 nonfarm payrolls were added in May, with average earnings slowing to 5.2% on a yearly basis, from 5.5% in April.
“The eurozone inflation number was one confirmation that even the ECB is now forced, even though they are facing a probable recession, to hike rates, perhaps faster or more aggressively than previously expected,” said Jeroen Blokland, head of research at investment research platform True Insights. Markets have also locked in consecutive 50 basis point Fed hikes in June and July, but there remains uncertainty about what happens after that.
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Global stocks slip amid worry about soaring inflationInvestors are concerned about looming interest rate rises will affect global growth
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