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London - The dollar climbed, heading for its biggest weekly gain in a month, as investors await a US employment report. Oil rebounded after plunging below $45 a barrel and European shares declined.
The Stoxx 600 index’s fall ahead of French presidential elections on Sunday tracked declines in much of Asia. US futures were little changed. Gold climbed from a seven-week low and iron ore fell for a third day. European government bond yields were mostly higher and the euro slipped.
Investors are looking to today’s jobs report for clues on the pace of US monetary tightening after the Federal Reserve this week played down concerns about slow first-quarter growth, boosting expectations for an increase in June. In Europe, attention is still focused on the French presidential election on Sunday, with centrist Emmanuel Macron predicted to prevail over his anti-euro rival Marine Le Pen.
“A bad number puts the June rate hike into question,” David Stubbs, global market strategist at JPMorgan Chase Bank said on Bloomberg TV.
“The market’s pricing of that is a little bit aggressive. If oil keeps falling like this, you will start to get markets worrying about financial stability.”
Here are key events and data releases due:
The US will report hiring data at 8:30. Economists forecast the country added 190 000 jobs last month A host of Fed officials are due to speak on Friday, including Fed Chair Janet Yellen and her deputy Stanley Fischer Warren Buffett plans to take more than four dozen questions at his annual investor meeting Saturday, to be live-streamed from Omaha Earnings releases continue, with Sands China due Friday Voters in France go to the polls Sunday for the second round of presidential elections.
Here are the main moves in markets:
Currencies
The Bloomberg Dollar Spot Index increased 0.1% as of 12:54. The yen rose 0.1% to 112.32 per dollar. The pound strengthened 0.1% to $1.2940 following a gain of 0.4% on Thursday. The euro slipped 0.3% to $1.0957.
Stocks
Futures on the S&P 500 Index were little changed after the underlying gauge rose 0.1% on Thursday. The Stoxx Europe 600 fell 0.1%.
The Shanghai Composite Index was down 0.8% at 3 103 after earlier dropping below 3 100. The gauge neared its lowest close this year.
Commodities
West Texas Intermediate oil fell 0.1% to $45.48 a barrel; it tumbled to $43.76 earlier, the lowest since November 15. Iron ore futures were down 6.3% after falling 5.3% on Thursday. Gold rose 0.5% to $1 234.65 an ounce.
Bonds
The 10-year US Treasury yield was little changed at 2.35% after climbing almost 4 basis points on Thursday. The yield on 10-year German government bonds fell one basis point to 0.38%.
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