European markets take breather with US on holiday
LONDON — European stock markets steadied Friday after big losses the previous day, when weak U.S. jobs data reinforced concerns that recovery in the world’s biggest economy will be a long, hard slog. Wall Street will be closed for business for the Independence Day holidays.
The FTSE 100 index of leading British shares was down 2.21 points, or 0.1 percent, at 4,232.06, while Germany’s DAX fell 6.20 points, or 0.1 percent, to 4,712.29. The CAC-40 in France was 10.65 points, or 0.3 percent, lower at 3,105.76.
Earlier, Asian markets mostly fell but the losses were tame compared to those recorded on Wall Street on Thursday after the payrolls data, which showed U.S. employers slashed 467,000 jobs in June — 100,000 more than anticipated.
That was also the first increase in monthly jobs losses since January.
“Yesterday’s U.S. jobs data contained plenty of bad news and put a big question mark over the ‘green shoot’ thesis that we are through the worst and that economic recovery is around the corner,” said Neil Mackinnon, chief economist at ECU Group.
Equities rose from the middle of March until the start of June on hopes that the U.S. economy in particular will recover from recession sooner than anticipated. Many investors saw stock valuations as particularly cheap and started buying into the market. However, a run of underwhelming economic news over the last few weeks brought an abrupt end to the rally and altered the general mood prevailing among investors.
Nevertheless, stocks around the world still managed to achieve one of the best quarters in years during the second quarter. The S&P 500 index in the U.S. rose around 16 percent during the quarter, its best performance since 1998, amid hopes of a global recovery despite worries about the banking system, public finances and the length and depth of the recession.
Friday is set to be a fairly subdued day in the markets as the U.S. has a day off ahead of Saturday’s 4th of July celebrations.
“There’s a ‘morning after the day before’ feeling today, still reeling after yesterday’s surprise jump in U.S. unemployment,” said David Jones, chief market strategist at IG Index.
“With the Americans off on holiday celebrating Independence Day, we are probably facing a directionless day,” he added.
Earlier, Japan’s Nikkei 225 stock average dropped 60.08 points, or 0.6 percent, to 9,816.07, and Hong Kong’s Hang Seng closed up 25.35 points, or 0.1 percent, to 18,203.40 after trading in the red most of the day.
Australia’s benchmark fell 1.4 percent, and Singapore’s main index finished down 1 percent.
China’s Shanghai Composite index was largely flat. In Korea, the Kospi rebounded to close up 0.6 percent.
Oil prices rose in light holiday trading volume after tumbling the day before as the disappointing U.S. job numbers raised concerns about demand. Benchmark crude for August delivery fell 6 cents to $66.67 a barrel.
The dollar was flat at 95.88 yen, while the euro rose 0.3 percent to $1.3996.
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AP Business Writer Jeremiah Marquez in Hong Kong contributed to this report.
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