UK Markets Rebound Amid Easing Political Tensions; US Job Data Looms
UK Markets Rebound Amid Easing Political Tensions; US Job Data Looms
European financial markets opened higher on Thursday, signaling a positive shift after a turbulent Wednesday. London’s FTSE 100 is poised to open 0.3% higher at 8,799, with Germany’s DAX up 0.2% at 23,836, France’s CAC 40 also gaining 0.2% at 7,757, and Italy’s FTSE MIB rising 0.15% to 39,926.
This rebound follows a challenging Wednesday, particularly for the UK, where bond prices and the FTSE saw sharp declines. The volatility was linked to concerns surrounding UK Finance Minister Rachel Reeves, who appeared visibly distressed in Parliament yesterday amidst mounting pressure over welfare reforms. However, government assurances that Reeves was dealing with a “personal matter” and Prime Minister Keir Starmer’s public backing have helped assuage fears, contributing to today’s market recovery.
Meanwhile, US stock futures remained largely flat overnight as investors brace for the release of June’s crucial nonfarm payrolls data. Economists polled by Dow Jones anticipate the economy added 110,000 jobs last month, a decrease from May’s 139,000 gain, with expectations of a slight uptick in the unemployment rate.
In the Asia-Pacific region, Vietnamese stocks surged to a three-year high overnight, driven by anticipation of further details on a new US-Vietnam trade agreement. President Donald Trump, in a recent announcement, indicated the US would impose a 20% tariff on Vietnamese goods, while Vietnam is expected to implement a “ZERO Tariff” policy.
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