Markets rally ahead of US unemployment report – business live

Rolling coverage of the latest economic and financial news, as investors anticipate a record jump in US employment…and fret about rising Covid-19 cases

8.03am BST

Stock markets across Asia-Pacific have rallied today as investors anticipate a strong US jobs report later today.

Shares jumped in China, Australia and South Korea, lifting markets in the region towards four-month highs.

Our first vaccine candidate is eliciting antibody levels to neutralize the virus that is equivalent to or better than what you see in people who have had COVID-19.”

“It’s been a tremendous amount of work and there’s now a lot of pride to see the results start to come forward.

Global stocks rise w/China mkts outperform on promising Covid vaccine news from BioNTech, that maintained hope of having vaccine by Dec & dashed worries regarding mounting new US infections. US Fut higher ahead of jobs report. Bonds steady w/US 10y 0.67%. Gold 1767, Bitcoin 9.2k. pic.twitter.com/hONpMKc16D

7.46am BST

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

I do not think we can overemphasize the importance of Thursday’s NFP bridging the disconnect between improving cyclical data (i.e., PMIs) and a lackluster medium-to-long-term economic prognosis as persistently negative yields would lead one to believe.

A better-than-expected outcome could go some way to settling the near-term debate that the US labor market will heal relatively quickly and justify new highs in US equities.

The bottom line is the spread of this virus continues at a rate that is particularly concerning,”

Will be hard to conclude anything definitive from tomorrow’s #jobs report::
Many competing influences make it difficult to distill insights on durable labor market trends;
Data already out-dated given economic re-opening reversals and layoff intentions trending up to larger firms

The closures in Southern California are now accelerating. Started with businesses (below). Faced with the closure of the State beaches, and having cancelled the fireworks,a growing number of cities here are now shutting their beaches for part or the whole of the July 4th weekend pic.twitter.com/JehRE5l3gB

Continue reading… Source: The Guardian: Markets rally ahead of US unemployment report – business live ———

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