Stocks gain on strong economic data

By AFP

A pedestrian walks past an electronic quotation board displaying Japanese companies’ stock prices on the Tokyo Stock Exchange in Tokyo on March 24, 2021. (Photo by Behrouz MEHRI / AFP)

Global stock markets rose Friday as a forecast-beating US jobs report bolstered the economic outlook

and soothed recent worries over rising coronavirus infections and new restrictions in Europe.

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London, Paris and Frankfurt extended a global rally heading into the weekend, buoyed by upbeat UK retail data and strong German business sentiment.

Oil prices were higher at the end of a rollercoaster week after a massive container ship ran aground and blocked the Suez Canal, one of the world’s most important shipping channels.

“Economic recovery optimism is boosting equity indices higher as we head towards the weekend,” said OANDA analyst Sophie Griffiths.

“Better-than-forecast US initial jobless claims, rebounding UK retail sales and stronger-than-expected German business sentiment are boosting” markets, she added.

However, long-running concerns over inflation remain in placed, with China-US tensions also back in the narrative.

New York’s three main indexes enjoyed gains after data showed US unemployment claims last week came in below 700,000 for the first time since the pandemic emerged early last year, reinforcing hope that the world’s top economy is on the mend.

In Asia, Tokyo, Hong Kong, Shanghai, Seoul, Mumbai and Taipei each added more than one percent.

On Thursday, US President Joe Biden gave his first news conference and promised that 200 million doses of the Covid-19 vaccine would be administered in his first 100 days.