| U.S. futures were trading modestly lower early Friday following surprisingly strong jobs data from the federal government. Equities markets are closed for Good Friday but futures markets were trading into Friday morning, albeit quietly. Trading was closed in France, Germany and Britain for the Good Friday holiday.
American employers added a surprisingly strong 178,000 new jobs last month, rebounding from a dismal February that saw 133,000 job losses. The unemployment rate dipped to 4.3% from 4.4%. Energy markets were closed Friday following big price surges the day before on fears that the Iran war will drag on longer than expected. U.S. benchmark crude rose 11.4% to $111.54 a barrel on Thursday. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel. U.S. President Donald Trump late Wednesday vowed the U.S. will continue to attack Iran and failed to offer a clear timetable for ending the conflict in the Middle East.
The U.S. relies on the Persian Gulf for only a fraction of the oil it imports, but oil is a commodity and prices are set in a global market. The situation is very different in Asia. Japan needs access to the Strait of Hormuz for much of the nation’s oil imports or would need alternative routes while some analysts say Japan and other nations are counting on an agreement with Iran to allow fuel to be transported through the strait.
In Asia, Japan’s benchmark Nikkei 225 gained 1.3% to finish at 53,123.49. South Korea’s Kospi jumped 2.7% to 5,377.30. The Shanghai Composite sank 1% to 3,880.10. Trading was closed in Hong Kong, Singapore, Australia, New Zealand, the Philippines, Indonesia and India for the Good Friday holiday.
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