{"id":113705,"date":"2021-05-06T13:29:45","date_gmt":"2021-05-06T13:29:45","guid":{"rendered":"https:\/\/fin2me.com\/?p=113705"},"modified":"2021-05-06T13:29:45","modified_gmt":"2021-05-06T13:29:45","slug":"recovery-hopes-to-underpin-wall-street-vaccine-makers-slide","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/recovery-hopes-to-underpin-wall-street-vaccine-makers-slide\/","title":{"rendered":"Recovery hopes to underpin Wall Street, vaccine makers slide"},"content":{"rendered":"

LONDON (Reuters) – Wall Street was set for a steady start on Thursday as confidence in the economic recovery offset jitters in American pharmas over rights to their COVID vaccines.<\/p>

FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain, August 24, 2015. REUTERS\/Suzanne Plunkett<\/figcaption>

Futures contracts in the S&P 500, Nasdaq and Dow Jones Industrials were all slightly firmer.<\/p>\n

The Dow Jones industrial average hit a record high on Wednesday as investors bet on recovery from the pandemic lifting \u2018cyclical\u2019 companies that typically rise in lockstep with an economic rebound.<\/p>\n

Analysts expect data on Thursday to show a decline in weekly jobless claims in the United States, reinforcing the recovery picture.<\/p>\n

Friday\u2019s U.S. monthly jobs report is also expected to show that nonfarm payrolls increased by 978,000 jobs last month.<\/p>\n

Shares in Pfizer, Moderna and other pharmaceutical companies remained under pressure after President Joe Biden on Wednesday supported waiving intellectual property rights on COVID-19 vaccines to boost the fight against the pandemic, piling pressure on Europe to follow suit.<\/p>\n

Investors drew comfort from the latest economic data and forecasts in Europe which pointed to a recovery still on track.<\/p>\n

Retail sales in the euro zone beat expectations with a 2.7% rise in March as curbs on shoppers eased. \u201cThis bodes well for the months ahead when further restrictions can be expected to be lifted,\u201d ING bank said.<\/p>\n

The Bank of England increased its forecast for Britain\u2019s economic growth this year after its coronavirus slump.<\/p>\n

The STOXX index of 600 European companies was flat, still near last month\u2019s record high. The MSCI\u2019s broadest gauge of world stocks, ACWI, was up 0.18% at 700.98 points, about 10 points short of its record high, also set last month.<\/p>\n

\u201cI have seen nothing in this week\u2019s price action to change my view that ultimately the economic prospects in the short to medium term look fairly positive, though events in India could derail any global recovery, particularly if COVID variants migrate out of India,\u201d said Michael Hewson, chief market analyst at CMC Markets.<\/p>\n

The dollar index eased 0.3% to 90.99.<\/p>\n

COMMODITIES SHINE<\/h2>\n

Commodity prices also drew strength from the prospects for economic recovery, with copper flirting with 10-year peaks. [MET\/L]<\/p>\n

But oil prices gave up initial gains despite crude stockpiles in the United States, the world\u2019s largest oil consumer, falling more sharply than expected.<\/p>\n

U.S. crude futures stood at $65.23 per barrel, off 0.6% on the day and just below Wednesday\u2019s two-month high of $66.76. [O\/R]<\/p>\n

In Asia, Japan\u2019s Nikkei jumped 1.8% as it reopened after a five-day holiday.<\/p>\n

MSCI\u2019s index of Asia-Pacific shares outside Japan gained 0.19%. But Chinese shares, also resuming trade for the first time since last week, wobbled. The CSI300 fell 1.2%, led by falls in biotech firms.<\/p>\n

U.S. nominal bond yields held relatively steady, with the 10-year U.S. Treasuries yield little changed at 1.5749%.<\/p>\n

The euro was also little changed at $1.2048 while the yen changed hands at 109.12 per dollar. Gold rose 0.4%.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Wall Street was set for a steady start on Thursday as confidence in the economic recovery offset jitters in American pharmas over […]<\/p>\n","protected":false},"author":3,"featured_media":113704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\nRecovery hopes to underpin Wall Street, vaccine makers slide - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/business\/recovery-hopes-to-underpin-wall-street-vaccine-makers-slide\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Recovery hopes to underpin Wall Street, vaccine makers slide - Fin2me\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Wall Street was set for a steady start on Thursday as confidence in the economic recovery offset jitters in American pharmas over [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/business\/recovery-hopes-to-underpin-wall-street-vaccine-makers-slide\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-06T13:29:45+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/05\/Recovery-hopes-to-underpin-Wall-Street-vaccine-makers-slide.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/business\/recovery-hopes-to-underpin-wall-street-vaccine-makers-slide\/\",\"url\":\"https:\/\/fin2me.com\/business\/recovery-hopes-to-underpin-wall-street-vaccine-makers-slide\/\",\"name\":\"Recovery hopes to underpin Wall Street, vaccine makers slide - 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