Global shares mostly higher…Jobs report
TOKYO (AP) – Global shares mostly rose today, tracking a rally on Wall Street as investors await the release of jobs data. In early trading, France’s CAC 40 slipped nearly 0.1% while Germany’s DAX added 0.7%. Britain’s FTSE 100 added 0.4%. In Asian markets, Japan’s Nikkei closed nearly 0.1% higher. South Korea’s Kospi gained 0.6%, while Hong Kong’s Hang Seng closed nearly 0.1% lower. The Shanghai Composite dropped 0.7%. On Wall Street, Dow and S&P 500 futures are both less than 0.1% higher.
WASHINGTON (AP) – America’s employers likely delivered another month of robust hiring in April, reinforcing the economy’s steady rebound from the pandemic recession. Economists forecast that the nation added 975,000 jobs last month after adding 916,000 in March, and that the unemployment rate slipped from 6% to 5.8%. The size of such job gains was essentially unheard-of before the pandemic. Yet most of the hiring represents a bounce-back after tens of millions of jobs were lost when the pandemic flattened the economy 14 months ago. Even if economists’ estimate for April hiring proves accurate, the economy would remain about 7 million jobs short of its pre-pandemic level.
UNDATED (AP) – The European Medicines Agency says it has begun an accelerated authorization process for an experimental coronavirus treatment made by GlaxoSmithKline and Vir BioTechnology. The EU drug regulator says it has started a rolling review of sotrovimab, based on early results from an ongoing study into whether the treatment can prevent hospitalization or death in people who don’t yet have severe COVID-19. Sotrovimab is a monoclonal antibody, a lab-produced antibody that is intended to stimulate the immune system by reducing the ability of the coronavirus’s spike protein to enter the body’s cells. An emergency use authorization for sotrovimab has also been submitted to regulators in the U.S. and Canada.
BEIJING (AP) – China’s trade with the United States and the rest of the world surged by double digits in April as consumer demand recovered, but growth appeared to be slowing. Trade data show global exports rose 32.3% over a year ago to $263.9 billion, in line with March but down from the explosive 60.6% rise in the first two months of 2021. Imports increased 43% to $221.1 billion, accelerating from March’s 38% expansion. China’s trade gains look especially dramatic due to comparison with a year ago, when global economies shut down to fight the coronavirus. Forecasters say growth is cooling once that distortion and seasonal fluctuations are taken into account.
NEW YORK (AP) – Peloton says the recall of its treadmills will shrink its revenue by $165 million in revenue in the current quarter. The company has to recall about 125,000 of its Tread+ treadmills, after refusing to do so for weeks, even though the machine was linked to the death of one child and the injuries of 29 others. New York-based Peloton also has agreed to stop selling the treadmills. In a call with Wall Street analysts Thursday, CEO John Foley again apologized for not working with the safety commission sooner and acknowledged that there is work to do to repair Peloton’s image.