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STOXX 600 up ~0.9%
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Weekly U.S. jobless claims rise modestly
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U.S. stock futures gain
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Bitcoin, crude, gold up; dollar weakens
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WATCH THE TAPE, THE TWO-YEAR, AND NOT THE FED (0915 EDT/1115 GMT) Yields on two-year Treasury note rose after jobless claims remained low on Thursday as tighter credit conditions have yet to show a material impact on the strong labor market. The jump in yields suggests the market sees the Federal Reserve still hiking rates to slow growth when policymakers meet in May.
But investors should follow the markets, not the Fed for clues on when the central bank's rate hikes will end, says Richard Saperstein, chief investment officer at Treasury Partners in New York.
It may be possible that the Fed raises rates by another 25 basis points when policymakers end their meeting on May 3, as many in the market believe, Saperstein says. But the two-year note's yield has moved below the fed funds rate, which historically signals that the Fed is near the end of its rate hiking cycle and the fed funds rate is near its peak. Meanwhile, futures pointed to a higher open after initial claims for state unemployment benefits increased 7,000 to a seasonally adjusted 198,000 for the week ended March 25, the Labor Department said on Thursday. Economists polled by Reuters had forecast 196,000 claims for the latest week. (Herbert Lash) ***** FOR THURSDAY'S LIVE MARKETS POSTS PRIOR TO 0900 EDT/1300 GMT - CLICK HERE
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