Markets eye earnings season after soft US jobs report

Macro

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Summary · why it matters

Global markets opened mixed on Monday as investors looked ahead to the start of second-quarter earnings season following a weaker-than-expected US jobs report. The June nonfarm payrolls rose by just 57,000, well below the 110,000 forecast, with prior months revised down by a combined 74,000, prompting markets to scale back Federal Reserve rate-hike bets. S&P 500 companies are expected to deliver profit growth of more than 24% in the second quarter, with Delta Air Lines and PepsiCo among the first major firms to report later this week. Tech stocks remain in focus, with Samsung Electronics due to report an 18-fold jump in profit on Tuesday, while chipmaker SK Hynix prepares a US listing aiming to raise $28 billion. Oil prices slipped below $72 a barrel as supply concerns eased, and the dollar edged up, keeping the yen near 40-year lows past 162 per dollar.