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TEHRAN, Feb 04 -World stocks remained near two-month highs on Monday with the dollar and oil chalking up gains, though some European bourses struggled as momentum from last week’s U.S. employment and manufacturing data bounce started to fade.
TEHRAN, Young Journalists Club (YJC) -The pan-European STOXX 600 slipped 0.1 percent in early trading with Paris’s CAC and Frankfurt’s DAX both falling around 0.2-0.3 percent.
MSCI’s All Country World Index, which tracks stock markets in 47 countries, traded within a whisker of Friday’s two-month high after Hong Kong’s Hang Seng ended a half day of trade up 0.2 percent while Australian shares and Japan’s Nikkei ended half a percent higher.
London’s FTSE rose 0.2 percent to a two-month high after sterling softened against the dollar.
Trade was subdued with many of the region’s markets closed for the Lunar New Year. China’s financial markets are closed all week, while those in South Korea are shut until Thursday.
“The tone we took away from the end of last week and the dovish tilt from the Federal Reserve is positive for risk assets,” Michael Hewson, chief markets analyst at CMC Markets in London.
“The benign outlook for monetary policy should support risk assets but the elephants in the room are Brexit, trade talks and political instability in Europe,” Hewson said, adding he expected Tuesday’s services PMI data to confirm a darkening picture for Europe.
U.S. stock market futures also pointed to a more muted start to the week: S&P 500 and Nasdaq e-mini futures both traded a touch softer.
On Wall Street on Friday, optimism from a surge in January U.S. job growth was offset by a disappointing outlook from Amazon.com Inc battering retail stocks. The Dow rose 0.26 percent while the Nasdaq shed 0.25 percent.
Friday’s U.S. non-farm payrolls jumped by a stronger-than-forecast 304,000 jobs in January - the largest gain since February 2018. That report, along with better-than-expected January ISM manufacturing activity numbers, pointed to underlying strength in the world’s biggest economy.
Source:Reuters
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