Miners led gains in Europe as commodities rallied, while luxury stocks also got a boost. Hong Kong's benchmark Hang Seng Index was set for the biggest weekly jump since 2011 and U.S. futures advanced, with U.S.-listed Chinese stocks surging in premarket trading.
“Today's numbers need to be viewed in the light of other labor market statistics that shows labor demand holding up,” said Stuart Cole, head macro economist at Equiti Capital. “The concerns over still strong inflationary pressures will be trumping any meaningful easing that the labor market might be pointing to.”
“Our view has been for a while that the only way central banks can credibly tame inflation is through tighter financial conditions and slower growth,” Barclays analysts wrote in a note. “Chairman Powell made it clear that over tightening may be a less costly option over the long run than doing too little. So as it stands, we find few reasons to stop worrying about a hard landing.”
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