Global stocks rise on robust US jobs report

BEIJING – 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 labour force.

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

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 per cent from 4.7 per cent 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 per cent to 3,140.17. Seoul’s Kospi added 0.1 per cent to 2,073.16 and Hong Kong’s Hang Seng shed 0.2 per cent to 23,129.21. Sydney’s S&P-ASX 200 lost 0.4 per cent to 5,621.60 and India’s Sensex retreated 0.2 per cent 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.