Stocks Soar Ahead of Crucial US Jobs Report
Global stocks are poised for their strongest weekly gain since May as investors await key US jobs data. The MSCI All-World index has risen 2.4% this week, with shares in drugmakers and tech companies driving Europe's STOXX 600 up 0.6% on the day.
Traders are split over whether the Federal Reserve will raise interest rates next month, making Friday's payrolls number crucial for setting policy expectations. A strong jobs report could reinforce higher-for-longer pricing and put upward pressure on rates, while a weak print may ease yields and shift policy towards a dovish path.
The US currency remains steady ahead of the employment data, with the Japanese yen trading at around 158.3 to the dollar after last week's historic currency market intervention sparked a sharp rally.