LONDON - 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.
But a fragile optimism emerged that evidence showing the trade war has dented the world’s top economy may spur U.S. President Donald Trump toward a more conciliatory stance over the dispute with China as campaigning for next year’s election ramps up.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.
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. U.S. stock futures were lower, signaling a weaker open later and reversing a 0.80% increase in the S&P 500 on Wall Street overnight on hopes that future Fed rate cuts will support corporate profits.
The Swiss bank reckons there’s a 50% probability that additional duties will be announced by the year-end, potentially pushing global growth down to 3% next year, the slowest pace since the global financial crisis.
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