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Global Stocks Rally, Commodities Jump on US Jobs Report Business 13 SATURDAY 8 MAY 2021 Lagarde says ECB policy has alleviated, not deepened inequality The coronavirus crisis will create inequality, especially for low-income workers and young people, "and we have to look at it very carefully. Christine Lagarde European Central Bank President Business | 14 QSE 10,895.72 -1.14 (0.01%) FTSE 100 7,129.71 +53.54 (0.76%) DOW 34,806.77 +258.24 (0.75%) BRENT $68.18 (+0.09) Global stocks rally, commodities jump on US jobs report REUTERS — NEW YORK/LONDON going to go down by the wayside, and US nonfarm payrolls increased that obviously means more liquidity The dollar slid to a two-month low, by only 266,000 jobs in April from the Fed,” said Boris Schlossberg, commodity prices jumped and major and data for March was revised managing director of FX strategy at BK global equity indexes scaled new peaks down to show 770,000 jobs Asset Management. yesterday after weak US jobs data for “US interest rates will stay at ultra- April tamped down fears that a booming were added instead of 916,000 low levels for quite a while and that is economy would ignite inflation and as previously reported. The going to keep the pressure on the dollar.” higher interest rates. report doused fears of an The dollar index fell 0.704 percent, with The data eased worries the Federal overheating economy that would the euro up 0.81 percent to $1.2162. The Reserve would reduce its massive spur inflation. Japanese yen strengthened 0.51 percent stimulus program anytime soon, while versus the greenback at 108.51 per a top White House economic adviser dollar. said the report does not mean the Biden fears of an overheating economy that Higher-rated euro zone bond yields administration needs to change its policy would spur inflation. dipped after the US employment data course. “Anybody who thought the Fed is missed expectations. Euro area The yield on the benchmark 10-year going to be tapering sooner than later, benchmark German 10-year yields A Wall Street sign is seen near the New York Stock Exchange in New York City, US, on Tuesday. US Treasury note dropped to a two- that’s not happening,” said Joseph reversed earlier gains and were trading month low of 1.469 percent and gold LaVorgna, chief economist for the flat at -0.218 percent. extended a rally that put it on track for Americas at Natixis in New York. On Wall Street, the Dow Industrials Japan rose about 0.4 percent, while The 10-year US Treasury yield rose its best week since November. Copper “There is no inflation coming on the and S&P 500 hit new peaks. The Dow Japan’s Nikkei gained about 0.2 percent. 0.5 basis points to 1.5664 percent. Spot burst to a record peak, surpassing a high labor side. The economy is booming, and Jones Industrial Average rose 0.45 Chinese blue chips closed 1.3 percent gold prices rose $16.63 to $1,831.81 an set a decade ago. the labor market recovery is still percent, the S&P 500 gained 0.79 lower on the day. ounce. Aluminum prices approached Nonfarm payrolls increased by only ongoing.” MSCI’s benchmark for global percent and the Nasdaq Composite MSCI’s emerging market currency levels last seen in 2018 and copper hit 266,000 jobs in April and data for March equity markets rose 1.02 percent to added 1.32 percent, as low rates benefit index sailed to a new record high, lifted an all-time high as investors bet on a was revised down to show 770,000 jobs 711.29. Europe’s broad FTSEurofirst 300 high-growth technology firms. by the weaker dollar after the US jobs rapid global recovery from the pan- were added instead of 916,000 as pre- index added 0.84 percent to close at Overnight in Asia, MSCI’s broadest data. “The market expectation of super- demic, led by the United States. Iron ore viously reported. The report doused 1,712.4. Both indexes set new highs. index of Asia-Pacific shares outside high rates and a squeeze on inflation is futures also vaulted to a record high. Oil prices set WTO chief welcomes US backing for vaccine patent waiver IAG expects for weekly gain travel recovery AP — GENEVA research powerhouse with Ulrike Demmer, a German despite India strong biotech and pharmaceu- government spokeswoman, from July The head of the World Trade tical sectors, spoke out against also echoed many in the virus surge Organization said yesterday the waiving the protections. industry and some analysts in US administration’s call to “The main issue is not the noting that “the limiting factor REUTERS — LONDON remove patent protections on question of patents. The main in vaccine production is pro- REUTERS — LONDON COVID-19 vaccines could help issue is the question of pro- duction capacity and high British Airways owner IAG is expand fair access to vaccines duction capacity,” German quality standards, not patents.” confident travel will recover Oil prices eased yesterday but but might not be the most Health Minister Jens Spahn said, Some, however, have argued from July onwards after fore- were set for a weekly gain “critical issue,” as officials in noting that producing vaccines that there are factories that casting only a minimal increase against the backdrop of Europe increasingly insisted like one developed by German could produce the shots if the in its capacity to 25 percent for optimism over a global that more vaccine exports are vaccines. They argue that would firm BioNTech - and manufac- protections were suspended the April to June quarter. economic recovery, though the the more pressing priority. allow more factories around the tured with Pfizer -is very and the know-how shared. IAG, which also owns Iberia COVID-19 crisis in India WTO Director-General world to produce the shots, complicated. But in remarks to the and Vueling in Spain and Aer weighed. Ngozi Okonjo-Iweala (pic- increasing the supply, especially It “is not something you can Florence-based European Uni- Lingus in Ireland, declined to Brent crude futures were tured) told a virtual conference in poorer countries. The simply do with a license in some versity Institute’s annual State forecast how much it would fly down 12 cents, or 0.2 percent, that the trade body aimed to decision ultimately is up to the factory somewhere, somehow, of the Union conference, the from July but said the recovery at $67.97 a barrel by 1343 GMT find a “pragmatic solution that 164-member WTO, and if just whether it’s in Germany or India WTO’s Okonjo-Iweala said that would be properly underway and US West Texas Interme- assures access to developing one country votes against a or Chile,” he said. Instead, he the patent waiver “may not be by then after more than a year diate (WTI) crude fell by 10 countries to deal with vaccine waiver, the idea will fail. stressed - as the pharmaceutical the critical issue” on increasing of pandemic restrictions. cents, or 0.2 percent, to $64.61. inequity, whilst at the same While many world leaders industry has - that developed vaccine volume. “We consider in the second Both Brent and WTI are on time making sure we don’t dis- welcomed the US step, few see countries whose vaccination Other key steps include half that we are going to be track for second consecutive incentivise research and inno- any waiver as the only or even campaigns are going well should reducing restrictions on the flying and we are prepared for weekly gains as easing restric- vation.” Activists and humani- best way to expand access to export more shots. export both of vaccines and the that,” IAG Chief Executive Luis tions on movement in the tarian institutions cheered the vaccines and end the pandemic “We’ll be exporting a lot ingredients needed to make Gallego told reporters yesterday United States and Europe, American reversal in policy - and they’ve taken the US to more. I can only welcome if the them, sharing the know-how after the company posted a loss recovering factory operations Wednesday and urged others task for not sharing more of the United States change their behind the shots, training man- of €1.14bn ($1.4bn) in the first and coronavirus vaccinations to follow suit in order to remove vaccines that already exist with policy and make vaccination ufacturing personnel and quarter. pave the way for a revival in the intellectual property pro- the rest of the world. doses available for other coun- increasing manufacturing Before July, however, fuel demand. tections on the COVID-19 For instance, Germany, a tries,” he said. capacity globally. Gallego said government action In China, data showed was needed on some issues, export growth accelerated such as opening travel corridors unexpectedly in April while a between countries with high private survey pointed to strong Chip demand fuels biggest jump in Taiwan exports since 2010 vaccination rates, including the expansion in service sector United Kingdom and the United activity. BLOOMBERG States. However, crude imports by The rise to 25 percent of the world’s biggest buyer fell Taiwan’s exports beat estimates as surging pre-pandemic capacity puts 0.2 percent in April from a year sales of semiconductors and other electronic IAG’s plans behind those of earlier to 40.36 million tonnes, components propelled overseas shipments rival airlines, and is only a or 9.82 million barrels per day to the fastest growth in more than a decade.
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