Global stocks rise on robust US jobs report

AP News
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Posted: Feb 03, 2017 8:47 AM
Global stocks rise on robust US jobs report

BEIJING (AP) — Global stocks rose Friday after the U.S. employment report showed a strong increase of 227,000 jobs in January, above forecast, and a rise in the number of people joining the labor force.

KEEPING SCORE: London's FTSE 100 gained 0.5 percent to 7,178 while Germany's DAX added 0.3 percent to 11,657. France's CAC 40 gained 0.9 percent to 4,835. On Wall Street, futures for the Dow Jones industrial average were up 0.5 percent and those for the Standard & Poor's 500 index gained 0.4 percent.

US JOBS: U.S. employers added 227,000 jobs in January, higher than last year's average monthly gain of 187,000 and a sign that President Donald Trump has inherited a robust job market. The unemployment rate ticked up to a low 4.8 percent from 4.7 percent in December, but for a good reason: More people started looking for work. The percentage of adults working or looking for jobs increased to its highest level since September.

TRUMP EFFECT: The jobs come against the backdrop of heightened uncertainty over Trump's actions since coming into office. Some investors worry his actions, including last week's immigration ban, comments on trade and tough talk toward Mexico, Australia and Iran might hurt business confidence and the economy. After a post-election rally that pushed stocks to all-time highs and the Dow above the 20,000-point mark, investors have stepped back this week.

ASIA'S DAY: Tokyo's Nikkei 225 was almost unchanged at 18,918.20 while the Shanghai Composite Index lost 0.6 percent to 3,140.17. Seoul's Kospi added 0.1 percent to 2,073.16 and Hong Kong's Hang Seng shed 0.2 percent to 23,129.21. Sydney's S&P-ASX 200 lost 0.4 percent to 5,621.60 and India's Sensex retreated 0.2 percent to 28,168.41.

ENERGY: Benchmark U.S. crude gained 18 cents to $53.72 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost 34 cents on Thursday. Brent crude, used to price international oils, added 16 cents to $56.72 in London. It shed 24 cents the previous session.

CURRENCY: The dollar dropped slightly, to 112.89 yen from Thursday's 112.93 yen. The euro slipped to $1.0749 from $1.0759.

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