Stocks gain as dollar eases, oil gets a boost from OPEC+ deal
Stocks gain as dollar eases, oil gets a boost from OPEC+ deal'https://onecms-res.cloudinary.com/image/upload/s--7HQib2A0--/c_fill,g_auto,h_468,w_830/fl_relative,g_south_east,l_one-cms:core:watermark:reuters,w_0.1/f_auto,q_auto/v1/one-cms/core/2022-10-06t091659z_1_lynxmpei950ea_rtroptp_3_zimbabwe-economy.jpg?itok=cYhBeJ6q
Global shares rose on Thursday as the dollar eased ahead of U.S. jobs data that could offer a steer on the outlook for interest rates, while oil prices surged after OPEC+ agreed to cut output.
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Investors are anxiously waiting for confirmation from Friday's U.S. non-farm payrolls report of the resilience of the world's largest economy.
Right now, a mixed picture is forming, after job openings figures suggested hiring is slowing, while measures of private-sector employment and service sector activity pointed to a stronger September than many had expected.
The dollar, which has been on a seemingly unstoppable upward path this year, retreated on Thursday, feeding some risk appetite and boosting the commodities complex, where oil was holding around its highest in three weeks.
The overarching view, however, is that Friday's jobs report will do little to weaken the Federal Reserve's determination to raising interest rates fast to tackle inflation - a view confirmed by a number of central bank officials overnight.
"The Fed officials have been giving out a clear message lately on the goal of getting inflation under control, without being concerned about the domestic economy or the turmoil in the global financial markets," Saxo Bank strategist Charu Chanana said.
"While the two key indicators, Friday’s monthly payroll report and the monthly CPI data on October 13, could still distort the market pricing of the Fed’s message, that would make the Fed’s job that much harder."
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