NEW YORK, Sept 2 ― World stock markets closed at new highs yesterday as investors looked beyond weak economic data that weighed on the dollar to focus on the likely continuation of massive central bank stimulus measures.
But the US labour market continues to recover, with private payrolls increasing last month by 374,000 jobs, or 48,000 more than in July, the ADP National Employment Report showed. “We're in the moment where it's still semi-Goldilocks - there is the inflation element that is still for the moment being discarded by central bankers,” said Olivier Marciot, senior portfolio manager with Unigestion.
The Nasdaq Composite advanced 0.33 per cent, lifted by tech powerhouses such as Apple Inc, which set a new high, while the S&P 500 pared earlier gains to close up just 0.03 per cent. The Dow Jones Industrial Average slipped 0.14 per cent. “The recovery has been uneven but if nonfarm payrolls should also disappoint, that would seemingly close the door to an imminent taper and keep the dollar in a bit of a funk,” he said.
“You have to give the Fed kudos; they've done a very good job with their forward guidance with respect to tapering,” Flanagan said. “They've met their criteria on the inflation side, and now it's on the jobs number.”
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