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GLOBAL MARKETS – World equities continue to surprise US job recovery



* Asian Stock Markets: tmsnrt.rs/2zpUAr4

By Hideyuki Sano

TOKYO, June 8 (Reuters) – U.S.

U.S. S & P500 futures rose 0.5% to close to their highest levels since late February, while Japan’s Nikkei opened more than 1% higher.

MSCI’s broadest Asia-Pacific index outside Japan rose 0.3% in early trade, with South Korea’s Kospi rising 1.4%. The Australian stock market was closed for a holiday.

U.S.A.

The Labor Department’s closely monitored employment report also showed that unemployment fell to 13.3% last month from 14.7% in April, a high after World War II. Economists had expected interest rates to jump to 19.8%.

“While there are some risk factors such as demonstrations this weekend in the United States and concerns about the second wave of coronavirus, hope for economic reopening is leading,”

; said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

U.S. bond prices have risen, with the 10-year Treasury yield rising to as high as 0.959% on Friday, a level last seen in mid-March.

The sharp gains in US bond yields over the past few days put more focus on the US central bank, which is holding a two-day policy meeting that ends on Wednesday.

Fed chairman Jerome Powell has said the US economy could feel the weight of the economic shutdown for more than a year.

Chinese trade data released Sunday also showed the ongoing impact of the epidemic.

Exports contracted in May as global coronavirus shutdowns continued to erode demand, while a steep drop in imports pointed to increasing pressure on manufacturers as the global growth stall.

Oil prices rose after OPEC, Russia and allies on Saturday agreed to extend record cuts in oil production to the end of July.

OPEC + had originally agreed in April that it would reduce supply by 9.7 million barrels per day. Day (bpd) during May-June to accelerate prices that collapsed due to the coronavirus crisis. These cuts were due to a decrease of 7.7 million bdd from July to December.

Brent crude rose more than 2% to $ 43.32 per share. Barrel, while US crude futures rose 2% to $ 40.36.

Gold slipped to $ 1,681.0 a. Ounce, near the lowest level since late April.

In the foreign exchange market, safe currencies were softer, while risk-sensitive ones outperformed them.

The Japanese yen stood at 109.67 against the dollar, near Friday’s 10-week low of 109.85.

The euro changed hands to $ 1.1303, not far from the three-month high of $ 1.1384 touched on Friday, while the Australian dollar stood at $ 0.6993, near the highest this year.

The Chinese yuan offshore hit its five-week high of 7.0669 to the dollar. (Reporting by Hideyuki Sano; Editing the Lincoln Feast.)

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