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| - Equity markets mostly retreated and the dollar diverged Friday as bumper US economic data reinforced recovery optimism but added fuel to concerns the US Federal Reserve will be forced to tighten ultra-loose monetary policies sooner than expected. Wary traders were also keeping tabs on China-US relations after President Joe Biden almost doubled the number of firms included on an investment blacklist, the latest move to show he has no intention of easing pressure on Beijing. Attention was additionally focused on the start of a Group of Seven finance ministers meeting, with Europeans optimistic the world's wealthiest countries will support US-backed plans for a minimum global level of corporate tax. Looking ahead to the US jobs data later Friday, "a strong labour market, combined with elevated inflation, could prompt the Fed to start tapering support to the economy, a concern that dragged stocks lower in the previous session", noted Oanda market analyst Sophie Griffiths. "With this in mind, a better-than-expected jobs report could drive equities lower, particularly high-growth tech stocks, which are more sensitive to interest rate expectations." Closely-watched figures showed Thursday that the US created almost a million new private-sector jobs in May, far more than forecast, while claims for unemployment benefits last week fell below 400,000 for the first time since the coronavirus pandemic started. On top of that, a gauge of the crucial US services sector expanded for the 12th straight month and hit a record high. The readings follow a string of strong reports on the world's top economy and reinforced the view that the recovery is motoring along. Eyes will be firmly on the release later in the day of official US jobs figures, with warnings that a result that is much higher than expected could spark a market sell-off. The strong economic rebound has compounded growing concerns on trading floors that inflation will skyrocket, forcing the Fed to taper its vast bond-buying programme or even lift interest rates to prevent overheating. The highly accommodative monetary policies of the Fed and other central banks have been a key driver of the blockbuster rally in world equities from their April 2020 troughs. "In all honesty there should be little to fear in respect of a Fed tapering of asset purchases as it would be an acknowledgement that things are improving," said CMC Markets analyst Michael Hewson. "It certainly doesn't mean the Fed will start to raise rates any time soon." Elsewhere, investors were wary after Biden added to a list of Chinese firms that Americans are banned from investing in, increasing it to 59 from predecessor Donald Trump's 31. The sanctions target companies involved in Chinese surveillance technology used to "facilitate repression or serious human rights abuses", which "undermine the security or democratic values of the United States and our allies", the White House said. London - FTSE 100: DOWN 0.3 percent at 7,047.02 points Frankfurt - DAX 30: DOWN 0.1 percent at 15,622.73 Paris - CAC 40: FLAT at 6,505.61 EURO STOXX 50: DOWN 0.1 percent at 4,074.29 Tokyo - Nikkei 225: DOWN 0.4 percent at 28,941.52 (close) Hong Kong - Hang Seng Index: DOWN 0.2 percent at 28,918.10 (close) Shanghai - Composite: UP 0.2 percent at 3,591.84 (close) New York - Dow: DOWN 0.1 percent at 34,577.04 (close) Euro/dollar: DOWN at $1.2110 from $1.2129 at 2130 GMT Pound/dollar: UP at $1.4120 from $1.4104 Euro/pound: DOWN at 85.76 pence from 85.96 pence Dollar/yen: DOWN at 110.14 yen from 110.30 yen Brent North Sea crude: UP 0.3 percent at $71.49 per barrel West Texas Intermediate: UP 0.3 percent at $69.01 per barrel dan-bcp/rfj/wai
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