This translation has been automatically generated and has not been verified for accuracy.Global stocks were slightly higher on Friday, clawing back some ground lost in their worst week for months, and safe haven assets rose ahead of a key jobs report as investors hoped this week’s dismal data would trigger more U.S. interest rate cuts.
MSCI world equity index, which tracks shares in 47 countries, eked out small gains, up slightly at 0905 GMT and reversing earlier losses in Asia as investors looked to a key U.S. job report that could determine whether the Federal Reserve cuts rates further. Still the global index was on track for a 1.8% drop on the week, its worst in two months, hurt by a drum roll of weak global data, political uncertainty in the United States and Hong Kong, geopolitical tensions in the Middle East and Brexit.
Talks between Beijing and Washington resume next week, aimed at agreeing a truce over the protracted trade spat between the world’s two largest economies, although hopes of a definitive agreement are pretty low. “Without a resolution to the U.S.-China trade dispute, we see limited upside for stocks in the near-term, and given the risks of further escalation we hold a modest tactical underweight on equities,” he said.Signs the U.S. economy was losing momentum, and nerves ahead of key jobs numbers later in the day, sent investors into safe haven asset such as government bonds and gold.
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