US PAYROLLS SURGE
Gold price surge on weaker-than-expected US jobs report
The US services sector faced an unexpected contraction in the last quarter, with the ISM services gauge dropping to 48.80, marking the fastest pace of decline in four years. This contrasts with the S&P Global US Services Index, which reached its highest level since April 2022 at 55.30.
US stock indexes end up; Nasdaq, S&P 500 hit record highs on payrolls data
According to preliminary data, the S&P 500 gained 29.67 points, or 0.54%, to end at 5,566.69 points, while the Nasdaq Composite gained 163.04 points, or 0.90%, to 18,351.34. The Dow Jones Industrial Average rose 64.78 points, or 0.16%, to 39,372.78.
US job growth moderates in June; unemployment rate rises to 4.1%
In June, job growth slowed with the unemployment rate at 4.1%, reported the Bureau of Labor Statistics. Nonfarm payrolls rose by 206,000, while average hourly earnings increased 0.3%. Revised May data showed fewer jobs added. Wage growth moderation and disinflationary trends bolster the Federal Reserve's rate cut prospects. Monitoring these changes is crucial for economic assessment.
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.
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.
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.
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.
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 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.
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.
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.
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