The Albany Gazette - US jobs data boosts equities; dollar slides

Meanwhile, oil prices fell on profit taking despite a softer dollar, which usually boosts demand for crude. Gold prices rose.

While the 150,000 jobs added to the US economy was partly impacted by the US auto strike, it was still less than what analysts had forecast and down from a revised 297,000 in September.

"Today’s publication of US jobs report has further cemented expectations that the Fed has reached peak interest rates," said market analyst Fawad Razaqzada at City Index and FOREX.com.

The slower jobs growth reported Friday by the Labor Department added to optimism that the Federal Reserve has finished its cycle of interest-rate hikes.

After a fallow two months, equity markets had already recovered some of their mojo after the US central bank Wednesday left borrowing costs on hold for a second straight meeting and hinted that no more increases were likely.

While Fed boss Jerome Powell left the door open for another rise as officials battle to further bring down inflation, traders were sceptical, with elevated US bond yields seen acting as a substitute for more tightening.

"It seems silly to cheer weakening activity in the labor market, but the key takeaway from this report is that it resonates as a 'soft landing report' that will keep the Fed from raising the fed funds rate again," said Briefing.com's Patrick O'Hare.

"Fed Chair Powell said at his press conference that the FOMC is not thinking about cutting rates right now at all, yet the market is embracing the thought that this employment data could mean the Fed is at least a step closer to starting to think about cutting rates," he added.

Wall Street's three main indices moved higher at the opening bell with the Dow rising 0.6 percent.

European stocks were mostly higher, though London's blue-chip FTSE 100 dipped as the pound strengthened.

Asian equity indices rallied, catching up with strong gains Thursday on Wall Street and Europe after the Federal Reserve and Bank of England maintained their interest rates this week as global inflation cools.

Apple shares fell 2.3 percent after the company reported after trading closed on Thursday that sales fell year-on-year for a fourth quarter in a row, although profits rose.

Briefing.com's O'Hare said the disappointment was tied to the sales guidance for this quarter which works out to a five percent decline in real terms.

- Key figures around 1330 GMT -

New York - Dow: UP 0.6 percent at 34,029.90 points

London - FTSE 100: DOWN 0.2 percent at 7,433.19

Frankfurt - DAX: UP 0.7 percent at 15,250.59

Paris - CAC 40: UP 0.3 percent at 7,079.53

EURO STOXX 50: UP 0.5 percent at 4,189.03

Hong Kong - Hang Seng Index: UP 2.5 percent at 17,664.12 (close)

Shanghai - Composite: UP 0.7 percent at 3,030.80 (close)

Tokyo - Nikkei 225: Closed for a holiday

Euro/dollar: UP at $1.0711 from $1.0626 on Thursday

Pound/dollar: UP at $1.2320 from $1.2204

Dollar/yen: DOWN at 149.40 yen from 150.48 yen

Euro/pound: DOWN at 86.91 pence from 87.04 pence

Brent North Sea crude: DOWN 1.1 percent at $85.94 per barrel

West Texas Intermediate: DOWN 1.0 percent at $81.63 per barrel

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(O.Garcia--TAG)