US stocks closed higher for a fifth consecutive session yesterday, gaining 0.6%, with Healthcare the standout performer.
The dollar oscillated between gains and losses yesterday as US Treasury Secretary Steven Mnuchin said a weaker currency is “somewhat better” for trade. Mnuchin also said that the Administration has a “very detailed” tax reform plan, adding they expect to push it through before year-end.
Crude Oil retraced the previous sessions decline and finished almost 4% higher for the session. Oil prices have now gained 17% from their lows in June.
The key data release today will be the US jobs report. Market consensus is for 180,000 jobs in August following the 209,000 jobs added in July.
European equities also closed higher yesterday, with the Euro Stoxx 50 index gaining 0.5%.
Data released on Thursday showed that eurozone inflation rose faster than expected in August, while the area’s unemployment rate held steady at its lowest level since 2009. Final August PMI (Purchasing Managers’ Index) data for Germany, the Eurozone, UK, France and Italy are due out this morning.
Asian equities largely finished higher overnight ahead of the US jobs report today. Manufacturing PMI data out of China was slightly stronger than expected.