Higher Open likely for US Markets; Oil Down

Higher open likely for US markets Friday as main stock futures were up in the morning.

At 03:20 a.m. ET, Dow futures were up 46 points, indicating a higher open of 44 futures in the S&P 500 and Nasdaq were also in positive territory.

Investors monitored progress in U.S.-China trade talks and awaited the upcoming jobs data. The nonfarm payrolls will be released at 8:30 a.m. ET.

The positive tidings from Thursday’s higher closing of Dow beyond 150 points lingered on the market mood for Friday.

President Donald Trump said there is progress in China trade talks and “we’ll know over the next four weeks” whether a deal can be struck.

Oil down

Oil prices dipped on Friday. Brent crude slipped away from the $70 mark it crossed in the previous session. The fall came over ballooning concerns about the progress in U.S.-China trade talks.

Brent futures dropped 26 cents to $69.14 a barrel by 0229 GMT. U.S. West Texas Intermediate (WTI) crude fell 1 cent at $62.09.

Overall, oil prices have gained so far in 2019 after the Organization of the Petroleum Exporting Countries and allies such as Russia cut output by 1.2 million barrels per day to prevent a supply overhang. Oil prices are finely balanced, noted Abhishek Kumar, the senior energy analyst at Interfax Energy in London.

Asia stocks inch up

Markets in Asia moved up Friday on the back of rising hopes on a potential trade deal between China and the U.S.

Japan’s Nikkei 225 advanced 0.38 percent while the Topix index gained 0.35 percent. South Korea’s Kospi rose 0.14 percent. Australia’s ASX 200 fell 0.83 percent. China’s stock markets including Hong Kong were closed for a holiday.

European stocks had a mixed trading day on Friday as the signals from U.S.-China trade did not fully excite the market.

During morning trade, there was no major change in pan-European Stoxx 600 compared to the last session with sectors and major bourses pointing to opposite directions.

Gold slips

Gold slipped on Friday but it is still trading above the 10-week low reached in the previous session. The dip was caused by the dollar’s surge against the yen on signs that U.S.-China trade talks are moving to a deal and also by strong U.S. economic data.

Spot gold lost 0.2 percent to $1,289.71 per ounce by 0745 GMT. U.S. gold futures were unchanged at $1,294.20 an ounce.

Investors are awaiting U.S. jobs numbers for signals on the strength of the economy.

“The market is expecting some positivity in the (payrolls) data today if it moves against expectations there might be some fluctuations in the gold price,” commented aid Benjamin Lu, an analyst with Singapore-based Phillip Futures.