Global stocks lower on U.S. job losses, pricier oil

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Global stock markets declined Friday after soaring U.S. job losses tempered enthusiasm about a possible deal to stabilize oil prices amid anxiety over the global economic decline due to the coronavirus pandemic.

London and Frankfurt opened lower while Shanghai, Hong Kong and Sydney retreated. Tokyo closed little-changed after spending part of the day in negative territory.

That was double the previous week's record-breaking U.S. job losses of 3.3 million. It raised the total number of Americans who are out of work due to the coronavirus-driven downturn to almost 10 million. On Thursday, the S&P 500 gained 2.3% after Trump said he expects production cuts are coming after talking with Saudi Crown Prince Mohammed bin Salman. The Dow Jones Industrial Average gained 2.2% and the Nasdaq rose 1.7%.

Markets usually welcome lower energy costs for companies and consumers. But the abrupt plunge to below $20 this week from $60 at the start of the year triggered fears heavily indebted producers might default, undermining credit markets.

 

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