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Global stocks tepid ahead of US jobs data

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The MSCI World equity index traded steadily on Friday, on course for its fifth consecutive weekly drop despite a brief rally earlier in the week.

The dollar also touched a one-month high against major currencies as investors braced for the crucial US non-farm payrolls report later in the day.

Investors have started “to price in a more aggressive path of rate hikes from the Fed”, Deutsche Bank strategist Jim Reid said. Traders will also zero in on any gains in hourly wages, Reid cautioned, “given the Fed’s focus on wage inflation” while there was “little doubting the still strong labour market.”

“There is concern that the labour market isn’t showing any signs of cooling,” putting financial markets “very much on edge”, said Tony Sycamore, a market analyst at IG.

 

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