* Pharmas fall after U.S. backs waiving IP on COVID vaccines
* Euro zone retail sales beat expectations
* Bank of England raises 2021 growth forecast
* Gold gains, oil and dollar ease
* Global asset performance http://tmsnrt.rs/2yaDPgn
* World FX rates http://tmsnrt.rs/2egbfVh
By Huw Jones
LONDON, May 6 (Reuters) - Wall Street was set for a steady start on Thursday as confidence in the economic recovery offset jitters in American pharmas over rights to their COVID vaccines.
The Dow Jones industrial average .DJI hit a record high on Wednesday as investors bet on recovery from the pandemic lifting 'cyclical' companies that typically rise in lockstep with an economic rebound.
Analysts expect data on Thursday to show a decline in weekly jobless claims in the United States, reinforcing the recovery picture.
Friday's U.S. monthly jobs report is also expected to show that nonfarm payrolls increased by 978,000 jobs last month.
Shares in Pfizer (NYSE: PFE ), Moderna (NASDAQ: MRNA ) and other pharmaceutical companies remained under pressure after President Joe Biden on Wednesday supported waiving intellectual property rights on COVID-19 vaccines to boost the fight against the pandemic, piling pressure on Europe to follow suit. drew comfort from the latest economic data and forecasts in Europe which pointed to a recovery still on track.
Retail sales in the euro zone beat expectations with a 2.7% rise in March as curbs on shoppers eased. "This bodes well for the months ahead when further restrictions can be expected to be lifted," ING bank said.
The Bank of England increased its forecast for Britain's economic growth this year after its coronavirus slump. STOXX .STOXX index of 600 European companies was flat, still near last month's record high. The MSCI's broadest gauge of world stocks, ACWI .MIWD00000PUS , was up 0.18% at 700.98 points, about 10 points short of its record high, also set last month.
"I have seen nothing in this week's price action to change my view that ultimately the economic prospects in the short to medium term look fairly positive, though events in India could derail any global recovery, particularly if COVID variants migrate out of India," said Michael Hewson, chief market analyst at CMC Markets.
The dollar index =USD eased 0.3% to 90.99.
Commodity prices also drew strength from the prospects for economic recovery, with copper CMCU3 flirting with 10-year peaks. MET/L
But oil prices gave up initial gains despite crude stockpiles in the United States, the world's largest oil consumer, falling more sharply than expected.
U.S. crude futures stood at $65.23 per barrel CLc1 , off 0.6% on the day and just below Wednesday's two-month high of $66.76. O/R
In Asia, Japan's Nikkei .N225 jumped 1.8% as it reopened after a five-day holiday.
MSCI's index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gained 0.19%. But Chinese shares, also resuming trade for the first time since last week, wobbled. The CSI300 .CSI300 fell 1.2%, led by falls in biotech firms.
U.S. nominal bond yields held relatively steady, with the 10-year U.S. Treasuries yield little changed at 1.5749% US10YT=RR .
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World FX rates YTD
http://tmsnrt.rs/2egbfVh Global asset performance
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Editing by Kirsten Donovan)
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.