Shares in Europe erased early declines, but were still on course for their worst week since the middle of March. U.S. equity futures steadied after Thursday's losses in the S&P 500 and Nasdaq 100 benchmarks sparked by stronger-than-expected private hiring data.
Traders added to wagers of more rate hikes as ADP Research Institute data on Thursday showed US companies added the most jobs in more than a year in June. Friday's US nonfarm payrolls and unemployment reports will be key to any more revisions in rate-hike expectations after the ADP numbers prompted a spike in Treasury yields.
Stocks have been losing ground in July after a strong first half of the year as hawkishness from central banks from the U.S. to the U.K. damps hopes of a soft landing for the global economy. One of the hottest trades has been technology shares, driven by the buzz around artificial intelligence, but Bank of America Corp. strategists said investors who piled into the sector risked being caught off-guard in the selloff sparked by rate hikes.
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