Premarket: Stocks on steadier footing as benchmarks recover most lost ground

Global shares firmed on Friday, capping a rollercoaster week on a calmer footing after U.S. jobs data eased concerns that the world’s biggest economy was headed for a hard landing.

Oil prices headed for weekly gains of about 3 per cent as fears of a widening Middle East conflict persisted. In Europe, the STOXX index of 600 companies was up 0.7 per cent, with the loss for the week all but erased., also known as Wall Street’s ‘fear gauge’, was in negative territory, a far cry from its record one-day spike on Monday.

Investors will continue to study employment data, keep an eye on the Bank of Japan, and particularly on the annual meeting of global central bankers hosted by the Kansas City Fed in Jackson Hole later this month, she said. Also helping sentiment is Chinese data showing that consumer inflation ran at 0.5 per cent in July, above forecasts of a gain of 0.3 per cent, suggesting there is less risk of the economy sliding into outright deflation.

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