Global stocks up after July US payrolls surprise - 8.8.2022

The Dollar strengthening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, rose 0.5% on Friday while data showed the US economy added 528,000 jobs in July, more than twice the expected number.

Both EUR/USD and GBP/USD reversed their climbing Friday as data showed French industrial output unexpectedly rose in June, posting a strong 1.4% monthly increase despite forecasts for a contraction. Both Pound and euro are higher against the Dollar currently. USD/JPY reversed its retreating while AUD/USD reversed its climbing Friday with the Australian dollar higher against the Greenback currently and yen lower still.

Futures on US equity benchmarks are up currently after US stocks closed mostly down on Friday following Labor Department report showing the unemployment rate dipped to the pre-pandemic low of 3.5%. The three main US stock benchmarks recorded daily returns ranging from -0.5% to 0.2%.

European stock indexes futures are up currently after ending low on Friday with tech shares leading losses. Asian indexes futures are mostly up today with Hong Kong’s Hang Seng Index leading losses despite Chinese data out over the weekend showed exports picked up unexpectedly in July with a gain of 18%, while imports lagged.

Brent is extending gains today supported by strong Chinese exports data. Oil prices ended higher on Friday buoyed by energy services firm Baker Hughes report US oil rigs count, an early indicator of future output, fell by seven to 598 in the week to August 5, the first weekly decline in 10 weeks. West Texas Intermediate (WTI) futures rose 0.5% and is higher currently. Brent crude gained 0.9% to $94.92 a barrel on Friday recording a 11% weekly loss.