SH: Global stocks muted as jobs data awaited, Greece risk rises
SEOUL, SOUTH KOREA — Global stock markets were muted Friday as investors awaited monthly U.S. employment figures and the risk of a Greek default increased. The price of oil extended gains above $50 a barrel.
KEEPING SCORE: Britain's FTSE 100 fell 0.2 percent to 6,854.51 and Germany's DAX dropped 0.6 percent to 10,838.77. France's CAC 40 fell 0.3 percent to 4,691.65. Futures augured moderate gains on Wall Street. S&P 500 futures added 0.1 percent to 2,057.00 and Dow futures rose 0.1 percent to 17,802.00.
GREECE RISK: Greece's stock benchmark was down 1.1 percent as tensions between the country's new left-wing government and the European Central Bank heightened. Greece's new left-wing government is insisting it will stick to its anti-austerity agenda after the ECB tightened the screws on Athens by withdrawing a key borrowing option for the country's banks. Jane Foley, an analyst at Rabobank International, said the ECB decision raised the risk that Greece could be forced into a default.
THE QUOTE: "Traders are also dusting off the 'Greek crisis' skills they acquired in 2010 and 2011," said Ric Spooner, chief market analyst at CMC Markets in Sydney, Australia. "The key attribute here is the ability to capitalize on the volatility caused by a rapid fire series of conflicting announcements and foreshadowed actions."
ASIA'S DAY: Japan's Nikkei 225 gained 0.8 percent to 17,648.50 while Hong Kong's Hang Seng was down 0.4 percent to 24,679.39. South Korea's Kospi added 0.1 percent to 1,955.52 and Australia's S&P/ASX 200 rose 0.2 percent to 5,820.20. Markets in Southeast Asia rose while benchmarks in China, Taiwan and India dropped.
US JOBS: The Labor Department reports January jobs data later in the day. Economists estimate that non-farm employers in the U.S. added 230,000 jobs last month, down from 252,000 in December. While some analysts say that the non-farm payrolls data will not be a game changer, the Federal Reserve has emphasized the job market recovery as an important factor when it considers a rate hike.
ENERGY: Benchmark U.S. crude was up $1.79 at $52.25 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.03 to settle at $50.48 a barrel on Thursday. Brent crude, a benchmark for international oils, rose $1.57 to $58.11 a barrel in London.
CURRENCIES: The dollar fell to 117.33 yen from 117.48 yen late Thursday. The euro slipped to $1.1449 from $1.1467.
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