Arab Today, arab today eurozone banking worries dent jobs cheer
Last Updated : GMT 21:46:51
Arab Today, arab today
Arab Today, arab today

Eurozone banking worries dent jobs cheer

Arab Today, arab today

Arab Today, arab today Eurozone banking worries dent jobs cheer

London - Arabstoday

Worries about the peripheral Eurozone banking sector tempered optimism over expected US employment data on Friday, knocking world stocks from earlier five-week highs and weakening US stock index futures ahead of the Wall Street open. Italian debt insurance costs rose by more than 10 per cent and the euro fell on concern Italy\'s banking sector may need additional cash after EU stress tests. Italian bank UniCredit was down 4.4 per cent on resuming trade after being suspended limit down. World stocks hit five-week highs, before steadying, in anticipation of strong US jobs data which could boost optimism about the economy, though oil prices fell as investors booked profits after sharp gains the previous day. Article continues below A report on Thursday showing US companies hired four times more workers in June than in May prompted several economists to raise forecasts for the government\'s non-farm payrolls report later in the day. Economists in a Reuters survey last week forecast an increase of 90,000 non-farm jobs after May\'s gain of 54,000. But economists now believe employment probably rose anywhere between 125,000 and 175,000. US weekly jobless claims also added to expectations the US economy was bouncing back from a soft patch. \"It\'s all about the non-farm payrolls. The market will be expecting a higher number after the ADP report,\" Philip Isherwood, European equities strategist at Evolution Securities, said. \"It seems to me the soft patch that people thought would turn into recession is overstated.\" The MSCI world equity index steadied after earlier hitting five-week peaks on rising optimism about the global economy. Emerging market stocks hit two-month highs before retreating. US stock index futures were down slightly, pointing to a lower open on Wall Street. The pan-European share index was up 0.15 per cent, recovering some ground after turning negative on the banking worries. World stocks are up 5 per cent this year and have outperformed emerging markets by a factor of three.

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