Global stocks trade higher ahead of US jobs report

Tokyo Global shares were trading mostly higher on Friday as investors looked toward a US jobs report being released later in the day.

France’s CAC 40 edged up nearly 0.1 per cent in early trading to 7,321.92, while Germany’s DAX was little changed at 15,948.02. Britain’s FTSE 100 rose 0.5 per cent to 7,477.41. US shares were set to drift higher with Dow futures up 0.3 per cent to 34,878.00. S and P 500 futures rose 0.2per cent to 4,525.75. Japan’s benchmark Nikkei 225 rose 0.3 per cent to finish at 32,710.62. Australia’s S and P/ASX 200 slipped 0.4 per cent to 7,278.30. South Korea’s Kospi added 0.3 per cent to 2,563.71. The Shanghai Composite added 0.4 per cent to 3,133.25. Trading was halted in Hong Kong because of an approaching typhoon. Schools and businesses were shut as an official warning was issued about Super Typhoon Saola. Hundreds of flights were cancelled or delayed. Later Friday, the US government will report employment data for August. The strong job market, along with consumer spending, has so far helped thwart a recession that analysts expected at some point in 2023. But they also made the Federal Reserve’s task of taming inflation more difficult by fueling wage and price increases. Stephen Innes, managing partner at SPI Asset Management, said markets were stuck in anticipation ahead of the payrolls data. “Interpreting the data from this week at face value, the perspective of a soft economic landing remains intact. However, notable red flags are emerging from the consumer sector, primarily due to a persistent decline in the savings rate,” he said.