Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


By Elizabeth Dilts Marshall and Huw Jones

NEW YORK (Reuters) -Global stock markets rose on Friday on a better-than-expected U.S. monthly jobs report that signaled the world’s largest economy ended the second quarter with strong growth momentum, while U.S. bond prices fell on investor worries over the Federal Reserve’s response.

Data showed U.S. job growth accelerated in June as nonfarm payrolls increased by 850,000 jobs after rising by 583,000 in May, although the unemployment rate rose to 5.9% from 5.8% the previous month. Economists polled by Reuters had forecast payrolls advancing by 700,000 jobs.

The MSCI All Country World index rose 0.12%, and the pan-European STOXX index rose 0.24%, while in the United States, the S&P 500 and Nasdaq hit record highs.

For capital markets, equities and bonds, this was a Goldilocks report,” said Darrell Cronk, chief investment officer at Wells Fargo wealth and investment management. “This was perfect. There were enough jobs that you’d want to see but not so many that it concerns people that the Fed may have to act sooner.

Still, gold jumped as much as 1% earlier on Friday, closing in on $1,800, on a weakened dollar as investors weighed prospects that Fed policy would tighten following the jobs report. [GOL] On Wall Street, the Dow Jones Industrial Average rose 40.28 points, or 0.12%, the S&P 500 gained 13.56 points, or 0.31%, and the Nasdaq Composite added 40.36 points, or 0.28%.

U.S. government bond prices for the 10-year note fell to yield 1.4407 percent. Euro zone government bond yields fell, as investor fears over the rise in COVID-19 cases beat the strong U.S. economic data. Germany’s 10-year bond yield, the euro zone benchmark, dropped 3.5 basis points to -0.20%, its lowest level since mid-June.

The dollar slipped from a three-month high on Friday, weighed down by some of the weaker details of what was an overall strong U.S. nonfarm payrolls report for June.

U.S. employment remains about 6.8 million jobs below its peak in February 2020. There are a record 9.3 million job openings. The dollar index fell 0.065%, with the euro down 0.13% to $1.1833.

The Japanese yen strengthened 0.19% versus the greenback at 111.30 per dollar.

While the prospects of a strong economic recovery underpin equity markets, investors remained nervous that a sharp recovery from the pandemic could push up inflation to an uncomfortable level for the Fed.

Former U.S. Treasury Secretary Lawrence Summers said massive U.S. fiscal spending will set off inflationary pressures of a kind not seen in a generation, but others argue that until wage pressures return in force, talk about a return to 1970s-style inflation is just that.

Spot gold added 0.4% to $1,782.81 an ounce. U.S. gold futures gained 0.41% to $1,783.10 an ounce.

Oil prices edged lower after OPEC+ ministers delayed an output policy meeting, with sources saying the United Arab Emirates had balked at proposals that included raising supply by 2 million barrels per day by the end of the year.[O/R]

Brent crude was last down $0.20, or 0.26 %, at $75.64 a barrel. U.S. crude was last down $0.33, or 0.44%, at $74.9 per barrel.

(Reporting by Huw Jones in London and Elizabeth Dilts Marshall in New York; editing by Jonathan Oatis)

Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts