A Wall Street stock rally extended into Asia as further signs of a cooling labor market reinforced bets that the Federal Reserve will cut interest rates this month. Asian shares gained 0.7% while indexes in mainland China rebounded after a slump Thursday. Futures for the S&P 500 rose 0.2% after the gauge closed at a record high. Contracts also pointed to a stronger open for Europe. Japanese stocks advanced after President Donald Trump signed an executive order implementing his trade agreement with Japan. Treasuries steadied after Thursday’s rally with the policy-sensitive US two-year yield hovering near a one-year low. Money markets are almost fully pricing in a Fed cut and see at least two by year-end. The dollar slipped against Group-of-10 peers, while gold headed for a third weekly gain. The action reflected the latest readings on hiring and unemployment claims before Friday’s jobs data, which is expected to extend the weakest stretch of US job growth since the pandemic. Slowing demand, rising costs and Trump’s unpredictable trade policies have cooled hiring, adding pressure on the Fed to shore up the labor market. Elsewhere, Trump signed an executive order implementing his trade agreement with Japan, under which the US will impose a maximum 15% tariff on most of its products. The deal, including a promise that Japan will create a $550 billion US investment fund, was reached in July, but had yet to be formalized as Washington and Tokyo haggled over its terms. Japan’s top trade negotiator, Ryosei Akazawa, who was in Washington this week for talks, met with Trump on Thursday, according to a US official.
Meanwhile, Trump said he would be imposing tariffs on semiconductor imports “very shortly” but spare goods from companies like Apple Inc. that have pledged to boost their US investments. In China, the CSI 300 Index rose almost 1% on Friday after the gauge slid 2.1% in the previous session following a report that financial regulators are considering a number of cooling measures after the market’s blistering 10% rally in August. Traders are now positioning themselves for the key US jobs reading. Consensus forecasts peg nonfarm payrolls having grown 75,000 in August, which would mark a fourth straight month of job growth below 100,000. The unemployment rate is seen rising to 4.3% — the highest level since 2021. In the run-up to the data, figures showed US jobless claims rose to the highest since June. Private-sector payrolls increased by 54,000, according to ADP Research data, missing estimates. Hiring plans fell to the weakest level for any August on record, according to Challenger, Gray & Christmas. Lackluster employment figures released after the July meeting have prompted greater concern, and Fed Chair Jerome Powell recently signaled a rate cut could be warranted, citing a “shifting balance of risks.” In commodities, oil fell for a third day, heading for a weekly decline ahead of an OPEC+ meeting that may see the group sign off on another supply hike. US After Hours AVGO +4.2%, GWRE +13.8%, IOT +10.2%, DOCU +7.1% higher on earnings; LULU -15.2% sharply lower on earnings; MIR +7.1% on news it will join S&P SmallCap 600.
Nikkei +0.89% Hang Seng +0.86% CSI +1.01% Shanghai +0.44% Shenzen +1.85%
Eur$ 1.1670 CNH 7.1321 CNY 7.1357 JPY 148.18 GBP 1.3462 CHF 0.8041 RUB 81.3375 TRY 41.2520 WTI$ 63.39 -0.14% Gold 3.557 +0.33% BTC 111,560 +1.04% ETH 4,336 +0.69%
S&P +0.23% Nasdaq +0.42% EuroStoxx +0.38% FTSE +0.24% Dax +0.38% SMI +0.23%
Macro :
- Ex-Pimco Money Manager’s Hedge Fund Gets $200 Million CPP Cash
- Gemini, Figure IPOs Are Said to Be Well Oversubscribed
- US Drops Proposed Cash Penalty Rule for Disrupted Flight:Reuters
- Trump Administration Moves to Ease Rules for Self-Driving Cars
- Tether Holds Discussions to Invest in Gold Miners: FT
Keep an eye on :
Keep an eye on :
- AAL LN : Anglo Boosted Valterra Stake Sale Size Following Strong Interest
- AAPL US ; Apple’s India Sales Hit Record $9 Billion After Big Retail Push
- AGX US : *ARGAN SHARES SINK 18% POSTMARKET AFTER RESULTS
- ASHM LN : Ashmore FY Adjusted Ebitda Misses Estimates
- BBVA SM : SEC Grants BBVA Relief to Lower Sabadell Acceptance Threshold
- BMW GY : BMW Seeks Tariff Side Deal Beyond US-EU Agreement, CEO Tells FAZ
- AVGO US : Broadcom to Help OpenAI Create AI Chip to Take On Nvidia
- CIFR US : Cipher Mining Aug. Bitcoin Mined 241
- 1COV GY : UAE’s Adnoc Says EU Probe Risks Derailing Covestro Deal
- EI FP : VSP Vision Said in Talks to Buy PAI-Backed Eyewear Firm Marcolin
- EI FP : VSP Vision Said in Talks to Buy PAI-Backed Eyewear Firm Marcolin
- GILD US : Gilead Partners With US on HIV Drug for Countries in Need
- GOOGL US : Trump Says Google CEO Pichai Doing Incredible Job
- HEXAB SS : Cadence to Buy Hexagon’s Design & Engineering Unit for EU2.7B
- LULU US : Lululemon Falls on Slashed Outlook as Sales Growth Slows
- MB IM : Mediobanca Investors Tendered 40.4% Stake in Paschi Bid: Filing
- NOD NO : Nordic Semiconductor Offers $100 million Shares, Nordic Semiconductor Offering Prices at NOK150/Share
- NOD NO : Nordic Semiconductor Offers $100 million Shares, Nordic Semiconductor Offering Prices at NOK150/Share
- OMV AV : OMV Plans to Cut Up to 2,000 Jobs to Lower Costs, Kurier Says
- ORSTED DC : Orsted Cuts FY Ebitda Excluding Items Forecast
- ROG SW : Roche Gets CE IVDR Approval for HER2 Test Label Expansions
- SAF FP : Safran Mulls Sale of Plane Interiors Assets of Up to €1.5b: FT
- TIT IM : Italy Competition Watchdog Clears Poste’s Telecom Italia Stake
- TEMN SW : Temenos Names Takis Spiliopoulos Interim CEO
- TSLA US : Trump Administration Moves to Ease Rules for Self-Driving Cars
- TTE FP : TotalEnergies Sees Capex Falling After 2025 Amid ‘Softer’ Market
- VOW GY : EV Maker Rivian Cuts 1.5% of Jobs Before R2 Production Start