Asia markets to rise as investors further digest China's modest growth target
For the week, the Dow ended up 1.75%. The S&P added 1.9% and the Nasdaq jumped 2.58%.David Rosenberg, chief economist and strategist of Rosenberg Research, believes the stock market would see a sustained rally when the labor market starts to contract in three to four months.
"Right now you've got a situation where the stock markets and the credit markets seem to think that they have more time that they can buy before the boom really gets lowered on the economy," Rosenberg said on CNBC's ""There's no doubt the economy is not strong, but it has to weaken precipitously. Unemployment has to start contracting... I think that's where you're going to find the risk on trade," he added.
The employment picture started off 2023 on a stunningly strong note, with nonfarm payrolls posting their biggest gain since July 2022. The Federal Reserve could reverse its tightening policy when the jobs market shows weakness.Relations between Saudi Arabia and the United Arab Emirates growing more tense, according to a report. Citing Emirati officials, the report said the UAE is debating whether it should depart OPEC.
The news of the potential rupture in the oil cartel put a chill on Brent crude prices. At one point in Friday trading, prices had fallen nearly 3%, before recovering. Recently, the global benchmark was down 0.85% at $84.03. The two oil producing nations have been jockeying for influence and disagree over the direction of the Yemen war, according to the report.Oil prices tumbled nearly 3% before recovering on a report that the UAE may depart OPEC.
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