A roundup of trading on major world markets:
NEW YORK – US stocks have regained ground from earlier losses with banks and energy shares rallying as improving data bolstered optimism on the economy.
Earlier in the day, data showed weekly jobless claims rose unexpectedly. The data comes ahead of the comprehensive labor report for February on Friday. The report is expected to show an addition of 190,000 jobs, compared with 151,000 in January.
Other data showed that employment in the services sector contracted in February for the first time in two years and factory orders fell.
While concerns linger over the state of the global economy, upbeat data from major economies this week and signs of a rebound in commodity prices have helped ease some of those worries.
Brent crude prices, which are up about 35 per cent from last month’s lows, were little changed at $US36.90. US crude was down 0.3 per cent at $US34.55.
“We’ve had a pretty nice run off late because of oil prices steadying and positive macro economic data,” said Art Hogan, chief market strategist at Wunderlich Securities in New York.
“Investors are in a wait-and-see mode ahead of the jobs report tomorrow and there is some profit taking too.”
In afternoon trading, the Dow Jones industrial average was up 14.28 points, or 0.08 per cent, at 16,913.60, the S&P 500 was up 0.76 points, or 0.04 per cent, at 1,987.21. But, the Nasdaq Composite was down 3.10 points, or 0.07 per cent, at 4,700.32.
LONDON – Britain’s top shares index has fallen, as weaker healthcare stocks weigh on the market, taking the shine off a rise in insurer Admiral.
The blue-chip FTSE 100 index closed down 0.3 per cent at 6,130.46 points on Thursday.
The index is down around two per cent since the start of 2016, and 14 per cent below an April 2015 record high.
Healthcare stocks such as GlaxoSmithKline and AstraZeneca fell after credit rating agency Moody’s cut its outlook on the global pharmaceuticals industry.
Shares in Whitbread – the company behind Premier Inn and Costa Coffee – fell 6.2 per cent after a weak fourth quarter performance, while a cautious outlook hit the shares of satellite group Inmarsat.
Insurer Admiral Group was the best performer on the FTSE 100, rising nine per cent to record highs after posting better-than-expected results.
Aerospace engineering group Rolls Royce also rose 5.3 per cent, lifted by a price target upgrade from investment bank Jefferies.
HONG KONG – Asian shares closed mixed as upbeat data on US jobs and as a rally in a range of commodities whetted risk appetites globally.
MSCI’s broadest index of Asia-Pacific shares outside Japan added another 1.1 per cent to reach a two-month top, having surged 2.6 per cent on Wednesday.
Higher prices for copper and iron ore helped Australian stocks rise 1.2 per cent to their highest in almost two months. Japan’s Nikkei firmed 1.3 per cent, on top of a four-per cent jump the previous session.
The Hang Seng fell 61.73 points, or 0.31 per cent, to 19,941.76 but Shanghai closed up 7.09 points, or 0.23 per cent, at 3,058.42
“Value is starting to snap back and some sectors that pretty recently were hanging around all-time lows are showing signs of life,” said Nicholas Smith, a strategist at CLSA.
“The general updraft in oil is helping confidence as well.
Investors aren’t yet ready to take on a lot of risk, but they are adding to their positions.”
WELLINGTON – The S&P/NZX 50 Index gained 67.8 points, or 1.1 per cent, to 6380.87.
