* 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.
Futures contracts in the S&P 500, Nasdaq and
Dow Jones Industrials were all slightly firmer.
The Dow Jones industrial average 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, Moderna 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.
Investors 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.
The STOXX index of 600 European companies was flat,
still near last month's record high. The MSCI's broadest gauge
of world stocks, ACWI, 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 eased 0.3% to 90.99.
COMMODITIES SHINE
Commodity prices also drew strength from the prospects for
economic recovery, with copper flirting with 10-year
peaks.
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, off
0.6% on the day and just below Wednesday's two-month high of
$66.76.
In Asia, Japan's Nikkei jumped 1.8% as it reopened
after a five-day holiday.
MSCI's index of Asia-Pacific shares outside Japan
gained 0.19%. But Chinese shares, also resuming
trade for the first time since last week, wobbled. The 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%
.
The euro was also little changed at $1.2048 while the
yen changed hands at 109.12 per dollar. Gold rose
0.4%.
(Editing by Kirsten Donovan)