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Stock Market Roundup: US Payroll Boost Shares, Asia Stays Hopeful

Stock Market Roundup US Payroll Boost Shares, Asia Stays Hopeful

WORLDWIDE – December started with stocks dropping after enjoying record highs the previous week. US President Donald Trump’s comments about trade deal issues not being resolved any time soon undermined the market. However, Trump’s apparent change in outlook and the strong US jobs data saw shares rallying as the week ended.

Traders were optimistic at the start of the week that tariffs on Chinese goods would be delayed, if not outright cancelled, as the US and China negotiate a “phase one” deal. But Trump’s comments during the NATO summit about having no deadline for the trade agreement rattled investors and saw shares dropping.

Trade issues like the delayed ratification of the North American Trade agreement, the unexpected tariffs on steel from Argentina and Brazil, and the possible levy on imported cars also had investors worried.

Shares in Asia and Europe rallied ahead of the anticipated payrolls data from the US. Stocks from mainland China ended the day on a higher note. The Shenzhen Component rose 0.81% to 9,879 while the Shanghai Composite also saw an increase of 0.43% to 2,912.

The Hang Seng Index went up 1.07% and ended the week at 26,498. Tech giants Alibaba and Tencent helped the index by gaining 2.65% and 1.7%. The Nikkei 225 gained 0.23% and closed at 23,354 while the Topix ended the week with an 0.11% increase to 1,713.

South Korea’s KOSPI rose by 1.02% to 2,082. Shares of tech stalwarts Samsung Electronics went up by 1.82% while SK Hynix enjoyed a 2.28% gain.

The S&P/ASX 200 of Australia also rose higher by 0.36%to end the day at 6,707.

Meanwhile, the European stock market also moved forward after following the gains from Asia. The pan-European Stoxx 600 was higher by 0.3%. Germany’s DAX increased by 0.14% while the CAC 40 of France went up 0.37%. The banking and mining sector helped propel the FTSE 100 forward by 0.63%.

US stock futures also appeared rosy on Friday. Dow futures went up by 54 points, while the Nasdaq and the S%P opened a bit higher.

The spotlight will undoubtedly remain on the US-China trade agreement next week as tariffs on $156 billion worth of Chinese goods are scheduled to take effect on Dec. 15.

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