Though off their mid-morning peak, European markets still rallied hard ahead of the nonfarm jobs report and US open, boosted by the ECB’s stimulus plans and news that AstraZeneca PLC (LON:AZN) is starting to make its potential vaccine.
Led by its banking and oil stocks, the FTSE added 1.2%, crossing 6400 for the first time in almost exactly 3 months.
The Eurozone indices, meanwhile, were ahead of their UK counterpart, perhaps feeling the benefits of yesterday’s ECB stimulus announcement.
The DAX rose 200 points to sit above 12600 – around 100 points off its morning highs – with the CAC climbing 1.9% to 5100.
The Dow Jones is set to join in with this jubilance later this afternoon, with the futures suggesting the index will strike its own 3-month peak of 26600 courtesy of a 330 point increase.
Standing in the Dow’s way is a nonfarm jobs report potentially set to reveal that another 7.75 million jobs were lost last month. This as the unemployment rate shoots up to a staggering 19.4%. Wage growth, meanwhile is expected to pull back from 4.7% to 1% month-on-month, suggesting that more high-wage jobs vanished in May than in the low-wage wipe-out that hit in April.
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