NEW YORK, Oct 6 ― Global equity markets rallied yesterday as US and European tech stocks rebounded and the dollar strengthened ahead of US payrolls data on Friday that could reveal the Federal Reserve's next move on tapering its support to the economy.
Friday's report “will be telling about the direction of both interest rates and the economy, and by definition the equity markets as well,” Tuz said. The European tech sector jumped 2.2 per cent, breaking a seven-session losing streak in which it fell 11.7 per cent. European bank stocks rose 3.5 per cent to more than a 1-1/2 year high.
In Europe, a market-based gauge of long-term euro zone inflation expectations surged to a new six-year high as rising crude and record gas prices fanned inflation fears. The euro slid 0.24 per cent at US$1.1593, while the Japanese yen traded up 0.58 per cent at US$111.5100.
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