Wall Street futures and the dollar stumbled on Wednesday, while gold struck a record high as the U.S. government shut down much of its operations, possibly delaying the release of crucial jobs data that could muddy the interest rate outlook.
With no clear path out of the impasse over a funding deal, agencies warned the government shutdown would halt the release of a closely watched September employment report and lead to the furlough of 750,000 federal workers at a daily cost of $400 million.
S&P 500 futures ESc1 and Nasdaq futures NQc1 dropped about 0.5% each on Wednesday. Gold prices XAU= climbed to $3,895 an ounce, hitting a record high for a third straight session.
European shares bucked the global trend, with the pan-continental STOXX 600 .STOXX up 0.7%. Britain’s FTSE 100 and Switzerland’s SMI .SSMI outperformed, boosted by healthcare stocks which jumped on expectations they could avoid excessive U.S. import tariffs after President Donald Trump struck a deal with Pfizer PFE.N on prescription drug prices.
The healthcare sector has the third largest weighting in the STOXX 600.
“There’s a lot of political risk in the healthcare sector but as you see this risk ease, investors will be buying,” said Lars Skovgaard, senior investment strategist at Danske Bank.
“I think this could give some support to European shares over the next couple of days.”
LND/SAE
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