Stock markets push higher ahead of US jobless figures

TOKYO (AP) — Stock markets and the price of oil pushed higher on Thursday ahead of the latest weekly jobless claims figures in the U.S. and after China reported a rise in exports as its pandemic lockdown eased.

As more countries start to remove the draconian limits on business and public life, investors are trying to gauge how quickly the global economy might bounce back.

The labor market in the United States has been a focal point. On Thursday, government data will likely show that about 3.5 million people sought jobless aid last week, bringing the total to nearly 34 million since the shutdowns began seven weeks ago. On Friday, a monthly report is expected to show that the unemployment rate jumped to at least 16% in April — from just 4.4% in March.

Wall Street futures were up ahead of the start to trading, with Dow futures up 1.3% and those for the S&P 500 up 1.4%.

In Europe, France’s CAC 40 gained 0.8% to 4,470. Germany’s DAX also added 0.8%, to 10,692, while Britain’s FTSE 100 rose 0.7% to 5,895.

The Chinese trade data showed an encouraging 3.5% rise in exports in April, driven by electronics shipments and textiles, which included a surge in mask exports.

The data show China’s exports to the United States rose 2.2% in April, while imports of American goods fell 11% in a reflection of weak Chinese industrial and consumer demand despite the lifting of most anti-virus controls.

Imports fell 13.7% from a year earlier to $179.6 billion, worse than the first quarter’s 2.9% decline. But total exports rose to $200.3 billion, a turnaround from the 13.3% contraction in the three months ending in March.

Forecasters warned that strength is unlikely to last as the coronavirus pandemic depresses global consumer demand.

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