Equities in the
This negative sentiment has rolled into Friday's session, with Asian stocks closing firmly lower, European and
Ahead of the US equity market open, the
Meanwhile, in the run-up to the US equity market open, the DJIA and S&P 500 are called to open down 0.6%, while the NASDAQ Composite is expected to open down 0.7%.
"Stocks are plunging for a second day and it could potentially get really ugly once the non-farm payrolls report is released," says Fawad Razaqzada, a technical analyst at Forex.com.
The highly awaited non-farm payrolls report for July is released at the same time.
The consensus expectation is for the US economy to have added 233,000 jobs in July, which would be the fifth consecutive month of jobs growth above 200,000, and would likely lead to increased concern that strong economic data might lead the Federal Reserve to shorten the length of time between finishing its asset purchase programme and the first interest rate rise.
"If investors do in fact believe that the Fed could be persuaded to raise rates earlier than planned, then a strong report today should prompt more of a negative reaction in the markets" says
Later on, June's reading of
Economists expect the US Markit manufacturing PMI for July to be downwardly revised to 56.0 from the preliminary estimate of 56.3, having come in at 57.3 in June. The
In the forex market, the pound continues to struggle against its major rivals, having fallen sharply in the wake of a much weaker-than-expected
"Today's fall was most likely driven by slower world growth in recent months and the escalation of troubles in
Ahead of the US equity market open and the latest tranche of US macroeconomic data, the pound trades at
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