Shares, crude oil dip despite stronger US jobs
Published on Nov 3, 2012 6:47 AM
NEW YORK (REUTERS) - Global stocks and crude oil retreated on Friday even after a United States (US) employment report for October surpassed expectations, as investors looked beyond next week's presidential election to anemic outlook for global economic growth.
The dollar jumped to a more-than-six-month peak against the yen and a three-week high versus the euro after US employers stepped up hiring and the unemployment rate ticked higher as more workers renewed job hunts, a hopeful sign for the economy.
Demand for US factory goods also rose in September by the most in over a year, but a gauge of business investment plans showed lackluster momentum in the economic recovery despite a slight upward revision.
But the plans for business spending highlighted the anemic outlook for the global economy next year, a picture that is shining through in corporate results.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!