Stocks rise on Fed rate cut hopes after disappointing jobs data
TOKYO (REUTERS)Global stocks rose for a second session on Tuesday and the US dollar steadied as investors raised bets the Federal Reserve would act to prop up the world's largest economy.US shares rallied on Monday on generally positive earnings reports and increasing bets for a September rate cut from the Fed after disappointing jobs data on Friday.Oil prices edged lower after output increases by OPEC+, while gold hovered near a one-week high.In Europe, the STOXX 600 rose 0.4% in early trading, up for a second day, echoing the strength across Asia markets, where MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%.In currencies, the dollar edged up modestly, rising 0.35% against the Japanese yen at 147.6, while the euro fell 0.25% to $1.1543. The dollar index, which tracks the greenback against a basket of six other currencies, rallied 0.34% after a two-day decline.With concern mounting about the fragility of the underlying economy and the potential for oversupply, oil prices dropped for a fourth day, leaving Brent crude futures down 1% at two-week lows at $68.05 a barrel.Tech heavyweights Nvidia, Alphabet and Meta surged overnight, and Palantir Technologies raised its revenue forecast for the second time this year on expectations of sustained demand for its artificial intelligence services.U.S. stock index futures were up 0.2-0.4%, pointing to a modest rise at the start of trading.Data on Tuesday showed business activity in the euro zone grew at a slightly faster pace in July than in June, but remained sluggish.A separate UK survey showed British businesses recorded their largest drop in new orders in almost three years in July and cutting staff by most in six months.Data from Asia's two biggest economies showed resilience in their service sectors. In Japan, the S&P Global final services purchasing managers' index (PMI) climbed to 53.6 in July from 51.7 in June for the strongest expansion since February.China's services activity last month expanded at its fastest pace in more than a year.
Bitcoin, meanwhile, fell 0.6% to $114,235, while gold rose 0.1% to $3,375 an ounce.
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