US Stock Futures Start The Week Higher
The global stock markets demonstrate signs of improvement, as political tensions in the Eurozone has eased. US stock futures were higher, as investors remained confident after Friday’s upbeat jobs report. The US Labor Department reported, that unemployment rate fell to 18-year low (3.8%) and the number of jobs in the US non-agricultural sector increased by 223k. The average hourly earnings rose by 0.3%, last month after it rose 0.1% in April. This increased the annual increase in the average hourly income to 2.7% from 2.6% in April.
Traders shrugged off global trade tensions. Finance ministers from Canada, France, Germany, Italy, Japan and the UK issued a rebuke on Saturday to the US after President Donald Trump went ahead with planned tariffs on metal imports from many US allies. Meanwhile, trade tension between the US and China also remain high. The Chinese officials warned the US that any agreements reached between the two will be voided if Donald Trump implements trade tariffs.
Today’s data showed, that UK construction PMI remained unchanged at 52.5 in May, compared to forecasts for a reading of 52.0. Eurozone Sentix Investor Confidence fell to 9.3 in June from 19.2 in May. This was the lowest rate since October 2016 and below the expected level of 19.0.