US Tech Surges Ahead of Nonfarm Payrolls – Europe Market Wrap
US stock futures pointed to small gains on Wall Street as traders awaited monthly payrolls data for the latest clues on the economy’s health. Bitcoin retreated as details of a US strategic reserve disappointed investors.
Broadcom, a chip supplier for Apple and other big tech companies, surged in premarket trading. The 10-year US Treasury yield was steady at 4.27% while an index of the dollar fell for a fifth session, its longest losing streak in almost a year.
US employers likely added 160,000 jobs last month, showcasing a labor market holding steady in the face of mounting policy uncertainty, according to a Bloomberg survey of economists. Wall Street failed to stage a rebound on Thursday even after President Donald Trump delayed levies on Mexican and Canadian goods covered by the North American trade deal.
While Europe’s stock benchmark retreated on Friday, Germany’s historic shift toward increased spending helped put the euro on track for its best week since 2009. The prospect of more debt issuance hoisted yields on German bonds by the most since 1990 earlier in the week. The rate on 10-year bunds was little changed on Friday at 2.83%.
