US PAYROLLS SURGE
Yen hits 38-year low, Nikkei surges as Trump risk buoys US yields
In a sensational turn of events, the U.S. dollar skyrockets to a 38-year high against the yen amidst speculation of a Trump comeback. The Nikkei soars past 40,000, while oil prices surge at the beginning of the summer driving season. Sterling and the Chinese yuan weaken, with all eyes on the Federal Reserve and upcoming job data.
US Fed's 'dot plot' could offer glimpse of rate-cut resolve
Since raising their benchmark federal funds rate more than five percentage points starting in March 2022, the Federal Open Market Committee (FOMC) has held borrowing costs at a two-decade high since July. A host of Fed leaders have suggested in recent weeks they see no rush to cut rates, with inflation more persistent and the outlook for growth staying solid.
Charting the Global Economy: ECB cuts rates, US payrolls surge
The collapse of Modi’s support in Uttar Pradesh, India’s most-populous state and a one-time party stronghold, amounted to a collective rebellion from millions of people left behind in one of the world’s fastest-growing economies.
Gold tumbles on solid US nonfarm payroll report, China slowing down gold buying
Gold prices rose on rate cut expectations but fell due to a strong US nonfarm payroll report. The Dollar Index strengthened. Traders shifted rate cut expectations. Market awaits the US Federal Reserve's decision. China's Central Bank paused gold buying due to high prices.
S&P 500, Nasdaq close slightly down ahead of US payrolls data
The S&P 500 and Nasdaq composite dipped from record highs ahead of key labor market data. Nvidia fell, while utilities and industrials dragged the S&P 500 lower. Investors await the U.S. nonfarm payrolls report, which may influence Federal Reserve decisions.
European stocks at record on tech and ECB bets
The pan-European STOXX 600 benchmark rose by 0.7%, with the technology subindex surging 2.6%, driven by significant gains from Wall Street's tech giants.
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US dollar gains after stronger-than-expected services sector data
The Institute for Supply Management said its nonmanufacturing purchasing managers index rose to 53.8 last month from 49.4 in April. May's reading, the highest since August, overshot estimates of all 59 economists in a Reuters poll that had pegged the median expectation at 50.8.
Sensex surges 2,400 pts, Nifty tops 22,600 after posting worst day in four years as poll verdict anxiety eases
Nifty50 and Sensex rebounded after worst day in 4 years following narrow win for PM Modi's alliance, raising policy continuity concerns.
Asia stocks drift, dollar firm as Fed rate path pondered
MSCI's broadest index of Asia-Pacific shares outside Japan slid 0.19%, weighed down partly by declines from mainland Chinese blue chips. However, Hong Kong's Hang Seng rose 0.52%.
Inflation concerns weigh on gold as yellow metal ends with second weekly declines
Spot gold closed $2 down at $2301 in a highly volatile market Friday. US nonfarm payroll and ISM services data fell short of forecast; however, inflationary pressure continues to build up.
Asian stocks surge on tech boost; yen extends gains to cap wild week
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% and was set for a second straight week of gains. Hong Kong's Hang Seng Index spiked 2% higher, on course for a 5% gain for the week.
US weekly jobless claims unchanged; layoffs decline in April
208,000 claims filed, low layoffs, unchanged interest rate. Inflation rises, labor market balance improves. Powell notes tight labor market. Stable hiring proxy, 64,789 job cuts in April.
US manufacturing sector regresses in April; prices paid near two-year high
U.S. manufacturing experienced a contraction in April as orders declined, reversing a brief expansion seen in March. The Institute for Supply Management (ISM) reported that its manufacturing PMI dropped to 49.2 from 50.3 in March. This decline, below the 50 mark indicating growth, reflects constraints due to higher borrowing costs and a shift in spending towards services.
Charting the global economy: US jobs surge; Taiwan earthquake impact
The worst earthquake in Taiwan in 25 years briefly halted operations, but the semiconductor industry’s leading player expected to be back up and running fairly quickly.
US yields surge after inflation data alters Fed view
The consumer price index (CPI) increased 0.3% last month after gaining 0.2% in December amid a surge in the cost of shelter, the Labor Department said on Tuesday. In the 12 months through January, the CPI increased 3.1%. Economists polled by Reuters had forecast the CPI would gain 0.2% on the month and 2.9% on a year-on-year basis.
Charting the Global Economy: US payrolls surge, China deflation pressures to continue
China’s factory activity contracted again in January as a tepid improvement in foreign demand failed to outweigh the drag from poor domestic sentiment, dealing another blow to investors awaiting signals on how the government will support the economy.
Yields and dollar jump, stocks rally on blowout US jobs report
Treasury yields jumped, the dollar surged and world equities rallied on Friday after a blowout U.S. jobs report scuttled any lingering expectations of a near-term cut in interest rates and highlighted a strong economy.
Asian shares buoyed by US tech bounce, payrolls in focus
In Asia, Japan's Nikkei added 1%, bringing the weekly gain to 1.7%, while MSCI's broadest index of Asia-Pacific shares outside Japan also gained 1.1% and was up 0.6% on the week.
US Fed meet starts Tuesday: Status quo likely, but Powell unlikely to sing a dovish tone
The CMEGroup’s FedWatch tool shows that more than 98% probability of the Federal Open Market Committee leaving the federal funds target range at 5.25-5.50%.
Nasdaq ends sharply higher as Alphabet and AMD fuel AI surge
Shares of Alphabet jumped 5.3% as analysts cheered the launch of the Google-parent's newest AI model, while AMD soared nearly 10% after the company estimated the potential market for its data center AI chips could reach $45 billion this year.
Nasdaq outperforms on Alphabet boost, payrolls data in focus
The tech-heavy Nasdaq has outperformed peers this year, surging 36% on a rally in megacap stocks that has been powered by enthusiasm around the potential for AI. Growing hopes of a cut in interest rates next year have also improved sentiment.
US job growth slows in October; unemployment rate rises to 3.9%
Nonfarm payrolls increased by 150,000 jobs last month, the Labor Department's Bureau of Labor Statistics (BLS) said in its closely watched employment report on Friday. Data for September was revised lower to show 297,000 jobs created instead of 336,000 as previously reported.
Listed internet companies buck the trend to expand payrolls in FY23
While Paytm saw its employee headcount expand by a whopping 3.5 times during the fiscal, PB Fintech, which runs the Policybazaar platform, saw a 32% year-on-year increase in employees. Mumbai-based FSN Ecommerce, which runs the Nykaa platform, saw a 15% year-on-year increase in its headcount, while CarTrade Tech’s workforce increased 44%.
Treasury yields wrecking-ball surge gets fresh fuel after blowout jobs report
Jobs growth for September were nearly double expectations with nonfarm payrolls increasing by 336,000 for the month, strengthening views that policymakers will need to keep interest rates elevated to cool inflation
US jobs report stands as next catalyst for Treasury market gyrations
Bond yields, which move inversely to prices, have surged due to expectations that interest rates will remain high because of a resilient economy, as well as concerns over rising fiscal deficits and increases in U.S. government bond supply.
Dollar pauses rally as markets brace for US nonfarm payrolls test
Friday's closely-watched jobs report comes on the heels of a run of resilient U.S. economic data which has reinforced the Federal Reserve's hawkish messaging of higher-for-longer rates and sent the greenback and U.S. Treasury yields surging.
Fed is cutting staff after more than a decade of payroll growth
The U.S. Federal Reserve is reducing its headcount by about 300 people this year, mainly in the information technology department and positions connected to payment processing systems. These reductions are a combination of attrition and layoffs and represent the first budgeted decline in headcount since 2010. The staff cuts come at a sensitive time for the Fed, as it has incurred significant losses on its operations in recent months.
Asian shares rise as investor focus turns to US payrolls
Asian equities face challenging trading conditions on Friday," said market analyst Anderson Alves at ActivTrades, pointing to a risk-off environment after Fitch downgraded its rating of U.S. government by one notch earlier in the week.
Gold faces weekly loss on surging bond yields as US payrolls loom
The Bank of England raised its key interest rate by a quarter of a percentage point to a 15-year peak on Thursday, its 14th back-to-back increase, and warned that borrowing costs were likely to stay high for some time.
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