Volkswacht Bodensee - Stocks rise on strong US jobs data, oil steadies

While Russia's war in Ukraine remains at the forefront of investor concerns, they were also tracking the latest US jobs picture as it serves as a barometer of the health of the world's biggest economy.

The United States added 431,000 jobs in March and the unemployment rate fell to 3.6 percent, bringing the labour market closer to where it was before the Covid-19 pandemic began, according to official data.

The figures also fed into expectations of the next move by the US Federal Reserve, which has begun to raise interest rates in a bid to tame soaring inflation -- a move that could slow the economic recovery as well.

Analysts said they now expect the Fed to enact a half-point rate hike in May, higher than the quarter-point increase decided at its last meeting.

"Today was another solid report, that really highlighted the ongoing positive momentum from the labour market. It does not seem like there was any meaningful impact from the geopolitical uncertainty in Ukraine," said Angelo Kourkafas, investment strategist at Edward Jones.

Wall Street opened higher while European markets were also up in afternoon trading. Asian markets were closed mixed.

"This continues to be a very headline-driven market and they're coming thick and fast," said Craig Erlam, senior market analyst at OANDA foreign exchange platform.

"Talks between Ukraine and Russia are progressing well, it seems, but things can change rapidly, for better or worse. Until we see a deal, the situation will continue to feel precariously balanced and investors will remain on edge as a result," he said.

Fallout from the war sent consumer prices in the eurozone surging by a record 7.5 percent, EU statistics agency Eurostat said heading into the weekend.

- IEA emergency meeting -

Oil prices, meanwhile, steadied after falling a day earlier after US President Joe Biden announced a record release of oil onto the market -- one million barrels of US government oil every day for six months in a bid to ease prices.

US oil prices briefly dropped under $100 on Friday.

Biden described the move as a "wartime" measure that will defuse Russia's leverage as an energy power.

The International Energy Agency, whose members include the United States, European countries, Japan and other nations allied to Washington, was holding an emergency meeting on possible new measures.

The OPEC+ group of oil producing countries, led by Saudi Arabia and Russia, agreed on another modest increase in output, ignoring Western please to step up production more significantly.

The war has driven oil prices to near record heights over concerns about supplies as Russia is the world's second biggest exporter of crude after Saudi Arabia.

- Key figures around 1400 GMT -

New York - Dow: UP 0.2 percent at 34,742.01 points

London - FTSE 100: UP 0.5 percent at 7,551.59

Frankfurt - DAX: UP 0.4 percent at 14,472.06

Paris - CAC 40: UP 0.6 percent at 6,699.82

EURO STOXX 50: UP 0.6 percent at 3,927.44

Tokyo - Nikkei 225: DOWN 0.6 percent at 27,665.98 (close)

Hong Kong - Hang Seng Index: UP 0.2 percent at 22,039.55 (close)

Shanghai - Composite: UP 0.9 percent at 3,282.72 (close)

Brent North Sea crude: UP 0.3 percent at $105.04 per barrel

West Texas Intermediate: DOWN 0.1 percent at $100.21 per barrel

Euro/dollar: DOWN at $1.1042 from $1.1067 late Thursday

Pound/dollar: DOWN at $1.3099 from $1.3143

Euro/pound: UP at 84.32 pence from 84.20 pence

Dollar/yen: UP at 122.98 yen from 121.69 yen

M.Furrer--BTB