Global Stocks Hover Near Peak as US Jobs in Focus: Markets Wrap

(Bloomberg) — Global stocks traded near all-time highs, with traders gearing up for key US jobs data that’s expected to show some moderation in hiring. The pound saw its longest advance in four years as Labour swept to power in the UK’s general election.

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A series of soft US economic readings has revived hopes that the Federal Reserve will start cutting interest rates as soon as September, pushing MSCI Inc.’s world index of equities to a record. Treasury yields dropped Friday and the dollar fell for a fourth day to its lowest level in three weeks.

“Given other evidence of a cooling economic backdrop — weaker ISM Manufacturing PMI and ISM Service Sector PMI reports — the payroll report could be increasingly decisive for the Fed as it seeks a rationale to signal an easing of rates,” said Quincy Krosby, chief global strategist for LPL Financial.

US futures pointed to a steady open when Wall Street returns from Thursday’s holiday. Tesla Inc. rose in premarket, on track to turn positive for 2024 after a seven-day winning streak that’s added about $200 billion in market value. Macy’s Inc. rallied after the Wall Street Journal reported that Arkhouse Management and Brigade Capital Management have raised their buyout offer to about $6.9 billion.

In contrast with the positive tone for equities, Bitcoin sank to the lowest since February, dropping for a fourth session as part of a wider crypto selloff. Crypto speculators currently face a range of challenges, including waning demand for US Bitcoin exchange-traded funds and signs that governments are disposing of seized tokens. Crypto-related shares fell.

European stocks climbed, led by the tech sector. In the UK, domestically focused stocks and government bonds rose and the pound strengthened for a seventh day after the landslide victory for Labour, which handed Keir Starmer’s party 412 of the 650 seats in the House of Commons and a clear mandate to deliver on a pledge of greater economic stability.

“A clear majority could bring some much-needed stability to the UK political…

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