European shares are falling… and “Japanese” is following Wall Street

European shares fell on Friday as a decline in the technology sector offset the impact of gains in oil and auto stocks, while investors remained cautious ahead of US jobs data.
The pan-European STOXX 600 index fell 0.2 percent after technology shares fell 0.9 percent, while oil and gas shares jumped 1.1 percent due to higher oil prices amid doubts that the US government will withdraw from its strategic reserves.
However, the benchmark index was on track for a weekly gain as relief over the temporary lifting of the US debt ceiling dispelled fears that higher energy costs would drive up inflation.
Shares of UK travel companies, including British Airways owner IAG, Whitbread and Ryanair, rose between 0.5 and 2.9 percent.
However, shares of the UK-listed travel company TUI fell 12.3 percent.
Japanese stocks
In Tokyo, the Japanese Nikkei index rose for the second consecutive session, on Friday, tracking gains on Wall Street and as investors snapped up bargains after sharp declines this month, while Toyota Auto helped the Topix index close higher for the first time in ten sessions.
The Nikkei rose 1.34 percent to close at 28,048.94 points, paring gains after a 2.3 percent jump in early trading, as investors waited for industrial giant Yaskawa Electric to start its earnings season later in the day. The broader Topix index rose 1.15 percent to 1961.85.
During the week, the Nikkei fell 2.51 percent on concerns about the economic slowdown in China and US inflation. For the month, the index lost 4.77 percent.
Wall Street closed sharply higher in a broad-based recovery led by major technology companies, as the easing of the confrontation over the debt ceiling in Congress eased fears that the government may default on debt this month.
“Local stocks rose due to the rise in overseas markets, but today’s gains were just a recovery from sharp losses,” said Shigetoshi Kamada, general manager of research at Tachibana Securities.
Automakers advanced as the yen weakened against the dollar, with Toyota Mortar shares jumping 2.89 percent, while Honda Motor Co shares rose 1.14 percent.
debt ceiling agreement
Wall Street closed sharply higher on Thursday, with a broad rally led by technology shares, as a truce in the face of the US Congress over the debt ceiling reduced concern about the possibility of the government defaulting on its debt this month.
Shares of companies with large capital, including Apple, Amazon and Microsoft, jumped, and were the largest supporters of the Standard & Poor’s and Nasdaq indices.
The Senate moved a step closer to passing a $480 billion increase in the amount the Treasury Department was allowed to borrow, preventing another partisan showdown until December.
On the other hand, data showed that the number of Americans filing for unemployment benefits fell last week at the most pace in three months, indicating that the labor market recovery is regaining momentum as the latest waves of COVID-19 begin to subside.
The market is awaiting the US non-farm payrolls data, which is due to be released on Friday.
“Today’s numbers reinforce expectations that employment will make a big move in the coming months, and I think that’s positive for the economy,” said Brad Newman, director of market strategy at Alger.
“The market has crossed the wall of anxiety today, as fears of the debt ceiling impasse eased and hopes for an acceleration of employment gains were boosted,” he added.
The Dow Jones Industrial Average ended the trading session up one percent to 34,760.34 points, while the benchmark Standard & Poor’s 500 index rose 0.83 percent to close at 4,399.82 points.
The Nasdaq Composite Index was not less fortunate than its predecessors, as it also rose by 1.04 percent to 14653.38 points.

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