Global stocks rise as investors digest the ECB's huge new stimulus package and await US jobs data
This came even though the Nasdaq surged to aBut all three US indices were pointing to a positive open on Friday.
Halley said: "I note that the NASDAQ has now risen by some 47% from its mid-March lows. I am not alone in my sense of disbelief, or my reluctance to fully embrace the greatest comeback ever. "Perhaps even greater than the Eagle's Hell Freezes Over album? The fact though so many investors share my doubts, is one of the primary reasons that equity markets will continue to be illogically unreasonable. Engagement in the stock rally is nowhere near 100%," he added. Investors are awaiting the US Non-farm payrolls report for May due later on Friday, a closely watched statistic for how many people are employed in the US. The report will drop at 8.30 a.m.
Halley said: "Today's Non-Farm Payrolls will likely disappoint following the Jobless Claims data. We expect Non-Farm payrolls to shrink by 8.8 million jobs — vastly better in a perverse market-driven way — than last month's -20.5 million jobs."
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