Global stocks tepid before U.S. jobs test; dollar stands tall

The MSCI World equity index was flat heading into U.S. morning trade, on course for its fifth consecutive weekly drop despite a brief rally earlier in the week.on Thursday following private payrolls data that showed a bigger than expected rise in employment and a drop in jobless claims.

"Markets are on edge," said Baylee Wakefield, multi-asset portfolio manager at Aviva Investors. "We're all hoping for that turning point in where inflation peaks, so investors are looking at these releases very closely," she added. "This is an environment where you're going to see a lot of volatility based on small details."

According to a Reuters survey of economists, the non-farm payrolls report is expected to show on Friday that 200,000 jobs were created in December, easing from November's 263,000 pace but still about double the level the Fed considers sustainable.

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Stocks close higher, snap 2-day losing streak as Wall Street shakes off Fed minutesStocks closed higher Wednesday as investors looked past Fed meeting minutes that showed the central bank will remain aggressive in its policy to tame high inflation. The Dow gained 0.40%. The S&P 500 popped 0.75%. The Nasdaq rose 0.69%.
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