Stock market today: Global shares mostly slip, while oil prices advance
Global shares have retreated although export-related Tokyo stocks got a boost as the dollar strengthened against the Japanese yen
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Global shares retreated on Friday although export-related Tokyo stocks got a boost as the dollar strengthened against the Japanese yen.
U.S. futures edged lower while oil prices rose nearly $1.
Investors are awaiting the release of a comprehensive report on the jobs market from the U.S. Labor Department later Friday. Economists expect it to show U.S. hiring slowed to 160,000 jobs last month from 199,000 in November.
The hope is that the economy will remain just strong enough to stave off recession without reversing progress in taming inflation. The Federal Reserve is watching to see if current trends continue as it weighs the possibility of cutting interest rates.
Rate cuts give a boost to prices for stocks and other investments, while also relaxing the pressure on the economy and financial system.
“Sentiments are back on some wait-and-see, given that we may have to see a substantial weakening of the U.S. labor market to justify market pricing of a rate cut,” said Yeap Jun Rong, market analyst at IG.
France’s CAC 40 declined nearly 0.7% to 7,401.13. Germany’s DAX slipped 0.5% to 16,532.37, while Britain’s FTSE 100 dropped 0.6% to 7,677.77. The futures for the S&P 500 and the Dow Jones Industrial Average were down 0.1%.
In Asian trading, Japan’s benchmark Nikkei 225 added 0.3% to finish at 33,377.42 as major manufacturers like Toyota Motor Corp. advanced thanks to a weakening of the yen, which helps Japanese exporters by boosting the value of their overseas earnings.
The yen has weakened in recent days amid speculation that the Bank of Japan might go slowly on changing its lax policy stance as it assesses the impact of Monday’s major earthquake in central Japan. Friday in Asia, the U.S. dollar rose to 145.01 Japanese yen from 144.63 yen. The euro fell to $1.0919 from $1.0947.
Hong Kong’s Hang Seng shed 0.7% to 16,535.33, while the Shanghai Composite skidded 0.9% to 2,929.18.
Australia's S&P/ASX 200 fell 0.1% to 7,489.10. South Korea's Kospi lost 0.4% to 2,578.08.
In other trading, benchmark U.S. crude added 82 cents to $73.01 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 73 cents to $78.34 a barrel.
___
Yuri Kageyama is on X https://twitter.com/yurikageyama