Stock Markets Edge Higher After Trump-Biden Debate

Global stock markets were mostly in the black on Wednesday following a chaotic US presidential debate, while hopes for a second coronavirus stimulus package out of Washington supported the dollar

London, (UrduPoint / Pakistan Point News - 30th Sep, 2020 ) :Global stock markets were mostly in the black on Wednesday following a chaotic US presidential debate, while hopes for a second coronavirus stimulus package out of Washington supported the Dollar.

In London, investors digested data that confirmed Britain's virus-hit economy collapsed by almost a fifth in the second quarter.

They nonetheless edged the FTSE 100 index into positive territory in afternoon trading.

In New York, the Dow Jones index was 1.3 percent higher in early exchanges following the release of positive job numbers in the private sector.

With the US presidential debate out of the way, the markets could switch their focus to other topics, suggested Craig Erlam, an analyst at the online brokerage Oanda.

"The (US) jobs report on Friday will be very interesting, particularly against the backdrop of an exhaustive battle in Congress over the next instalment of critical economic aid," he commented.

On Wednesday, the payroll services firm ADP said that private US employers added 749,000 jobs in September as employment continues to rebound from the economic hit caused by the coronavirus.

Economists view the ADP data as a preview of the monthly Labor Department employment report due Friday that encompasses both private and government hiring.

ADP said that private-sector hiring was seen in businesses of all sizes, with services accounting for most of it.

Despite the upbeat report however, the Labor Department has been reporting weekly jobless claims hovering at levels well above the single worst week of the 2007-2010 global financial crisis.

Earlier in the day, a Chinese purchasing managers index (PMI) also showed improvement in both manufacturing and services in September.

But that produced only mixed results in Asia, as the persistent gloom of rising virus infections continued to dampen the mood.

Markets were more encouraged by news that US Democratic House Speaker Nancy Pelosi had spoken for a second straight day with Treasury Secretary Steven Mnuchin over a long-deadlocked but much-anticipated stimulus package to rescue the battered US economy.

The pair have agreed to continue negotiating.

- Key figures around 1415 GMT - London - FTSE 100: UP 0.2 percent at 5,908.46 points Frankfurt - DAX 30: UP 0.1 percent at 12,831.87 Paris - CAC 40: UP 0.1 percent at 4,836.13 EURO STOXX 50: UP 0.1 percent at 3,216.84 New York - Dow Jones: UP 1.3 percent at 27,812.76 Tokyo - Nikkei 225: DOWN 1.5 percent at 23,185.12 (close) Hong Kong - Hang Seng: UP 0.8 percent at 23,459.05 (close) Shanghai - Composite: DOWN 0.2 percent at 3,218.05 (close) Pound/dollar: UP at $1.2879 from $1.2863 at 2100 GMT Euro/pound: DOWN at 90.88 pence from 91.30 pence Euro/dollar: DOWN at $1.1708 from $1.1744 Dollar/yen: UP at 105.71 Yen from 105.66 yenWest Texas Intermediate: UP 0.4 percent at $39.46 per barrelBrent North Sea crude: DOWN 0.6 percent at $40.77 per barrel