Impact: Jobs report lifts US, European stocks
Impact: Jobs report lifts US, European stocks
NEW YORK:
European and the US stock markets surged on Friday after a strong US jobs report allayed fears of a slowdown in the world’s biggest economy. The broad-based S&P 500 jumped 1.5% to 2,129.90, less than one point below the record set in May 2015, after the Department of Labor reported that the US economy added a surprisingly robust 287,000 jobs in June. European bourses also rallied, welcoming the US jobs data, as well as reassurances from leading Italian banks that they could withstand an economic shock. On Friday, the 10-year US treasury yield spiked to above 1.40% just after the jobs report, before falling back near record lows at 1.37% as investors continued to seek out safe investments. Frankfurt and Paris exchanges both rose around 2%, while London climbed 0.9%. Analysts said the European market was boosted by expectations the European Central Bank will boost stimulus following the Brexit vote.
Published in The Express Tribune, July 10th, 2016.
European and the US stock markets surged on Friday after a strong US jobs report allayed fears of a slowdown in the world’s biggest economy. The broad-based S&P 500 jumped 1.5% to 2,129.90, less than one point below the record set in May 2015, after the Department of Labor reported that the US economy added a surprisingly robust 287,000 jobs in June. European bourses also rallied, welcoming the US jobs data, as well as reassurances from leading Italian banks that they could withstand an economic shock. On Friday, the 10-year US treasury yield spiked to above 1.40% just after the jobs report, before falling back near record lows at 1.37% as investors continued to seek out safe investments. Frankfurt and Paris exchanges both rose around 2%, while London climbed 0.9%. Analysts said the European market was boosted by expectations the European Central Bank will boost stimulus following the Brexit vote.
Published in The Express Tribune, July 10th, 2016.