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Tech Stocks Shine Amid Trade Optimism
Siemens Energy AG surged 7.49%, while Infineon Technologies and SAP rallied 3.93% and 4.31%, respectively, amid easing trade tensions that lifted investor confidence. Airbus jumped 5.33% after beating earnings estimates, sending MTU Aero 4.97% higher.
In the auto sector, Porsche led gains with a 1.63% advance, helping offset earlier losses.
Eurozone Inflation Climbs But Fails to Dent Risk Sentiment
Eurozone core inflation rose from 2.4% in March to 2.7% in April, challenging expectations of aggressive ECB rate cuts. Despite the uptick, investors bet the ECB will prioritize growth concerns over inflation risks.
US Jobs Report Lifts Sentiment Further
The US Jobs Report drove the DAX to a session high. Nonfarm payrolls increased by 177k in April, down slightly from 185k in March. Average hourly earnings rose 3.8% year-on-year, mirroring March’s increase, while the unemployment rate remained unchanged at 4.2%. Despite job growth slowing marginally, the pace remained healthy, easing recession concerns.
US Markets Rally on Labor Data and Trade News
Wall Street extended gains on May 2 buoyed by the US Jobs Report and positive trade headlines. The Nasdaq Composite Index rallied 1.51%, while the Dow and the S&P 500 gained 1.47% and 1.39%, respectively, marking a nine-day winning streak.
US Services PMI in Focus
Market focus now turns to the US services sector, with the ISM Services PMI due Monday, May 5. Economists forecast the ISM Services PMI to slip from 50.8 in March to 50.6 in April. Since the services sector contributes around 80% to the US GDP, April’s report will provide key insights into early Q2 2025 economic momentum.
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