Global Markets Brace for Jobs Data and Elections Amid Economic Uncertainty
Asian markets remain cautious as global investors anticipate U.S. jobs data and the presidential election. Chinese stocks show resilience, boosted by manufacturing growth. European outlook brightens with Amazon's positive earnings, while UK economic policies stir inflation concerns. Key U.S. data and earnings reports also loom.
Asian markets opened the month cautiously as investors awaited pivotal U.S. jobs data and the upcoming presidential election. The Nikkei fell 2.3%, while Chinese stocks showed surprising growth, buoyed by manufacturing expansion signals from recent surveys.
In Europe, markets found some relief with Amazon's strong earnings report, causing futures to rise modestly. UK gilts faced scrutiny, with concerns about inflationary pressures stemming from Chancellor Rachel Reeves' budget, potentially complicating the Bank of England's rate decisions.
In the U.S., crucial economic data is anticipated, as hurricanes and strikes distort job forecasts. With non-farm payrolls and ISM survey results on deck, markets largely expect the Federal Reserve to proceed with a quarter-point rate cut amid presidential election uncertainties.
(With inputs from agencies.)