US stocks open slightly higher after private payrolls data
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Garena Free Fire Max redeem codes today June 7: Get 10+ active limited-time win skins, weapons, diamonds free rewards here
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Economic Times
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Crude oil climbs on strong U.S. jobs data and renewed China trade talks
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Crude rose more than $1 a barrel on Friday, posting its first weekly gain in three weeks after a favorable U.S. jobs report and resumed trade talks between the U.S. and China, raising hopes for growth in the world's two largest economies. Brent crude futures settled at $66.47 a barrel, up $1.13, or 1.73%. U.S. West Texas Intermediate crude finished at $64.58, up $1.21 or 1.91%.Both benchmarks settled with weekly gains after declining for two straight weeks. Brent has advanced 2.75% this week, while WTI is trading 4.9% higher."I think the jobs report was Goldilocks," said Phil Flynn, senior analyst with the Price Futures Group. "It was not too hot, not too cold but just right to increase the chances for an interest rate cut by the Federal Reserve."The U.S. Labor Department's monthly employment report showed the unemployment rate held steady at 4.2% last month. Employers added 139,000 jobs, which combined with downward revisions to prior months' estimates showed a cooling in labor demand but nothing abrupt; by comparison, monthly job gains averaged 160,000 last year.A rate cut by the U.S. central bank, much desired by President Donald Trump, could boost economic growth and demand for petroleum."This market had priced in a lot of bad options," said John Kilduff, partner with Again Capital. "None of it has come to pass. OPEC+ held the line. There have been talks between China and the U.S., though the details are sketchy, at least they didn't fly apart like Elon (Musk) and Donald (Trump)."China's official Xinhua news agency said trade talks between Xi and Trump took place at Washington's request on Thursday. Trump said the call had led to a "very positive conclusion", adding the U.S. was "in very good shape with China and the trade deal".The oil market continued to swing with news on tariff negotiations and data showing how trade uncertainty and the impact of the U.S. levies are flowing through into the global Saturday, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, agreed to ramp up output by a previously announced 411,000 barrels per day (bpd) in July. The group rejected a Saudi recommendation for a bigger output hike, part of a broader strategy to win back market share for OPEC+."The market looks balanced in 2Q/3Q on our estimates as oil demand rises in summer and peaks in July-August, matching supply increases from OPEC+," HSBC said in a U.S. oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021, energy services firm Baker Hughes said on rigs fell by nine to 442 this week, while gas rigs rose by five to 114, Baker Hughes said.
Time of India
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European stocks log second straight weekly gain on upbeat jobs data, trade optimism
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel European shares rose for a second straight week, buoyed by robust U.S. employment figures and diminishing concerns over trade friction that had previously rattled investor pan-European STOXX 600 rose 0.3% on Friday, and logged a 0.6% gain for the United States' better-than-expected jobs report relieved anxieties regarding the U.S. labour market's resilience, likely prompting traders to reassess how President Donald Trump 's trade policies might impact employment trends."The data fuelled optimism that the U.S. jobs market, and so the U.S. economy, is weathering the Trump tariff shock better than expected," said Ipek Ozkardeskaya, senior analyst at Swissquote sentiment drew additional support from signs of easing in the U.S.-China trade relationship following Thursday's telephone conversation between Trump and Chinese President Xi the market was also reminded this week of protectionist fervour, as the White House's doubled tariffs on steel and aluminum imports took automotive sector , particularly exposed to these metal duties, bore the brunt, shedding 1.8% over the Chancellor Friedrich Merz indicated he would pursue a deal for duty-free U.S. car imports into Europe in exchange for equivalent tariff waivers on European exports to the United bourses such as Germany's DAX and France's also recorded a second straight week of gains, while and Spain's IBEX logged its eight consecutive week of advances - its longest in nearly four European Central Bank's widely anticipated interest rate cut was overshadowed by President Christine Lagarde's hawkish signals suggesting the monetary easing cycle may be approaching its conclusion. The stance prompted traders to dial back expectations for further rate are also monitoring whether the public spat between Trump and Tesla CEO Elon Musk could spill over into broader markets."Comments from Musk yesterday about Trump tariffs, putting the U.S. in recession in the second half of this year combined with weak data this week is causing investors to sit out for the time-being," said Fiona Cincotta, senior market analyst at City Friday, the financial sector emerged as the standout performer, propelled by UBS , which rose 3.8% after Swiss authorities proposed more stringent rules that could require an additional $26 billion in core capital reserves for the banking other stocks, Dassault Systemes fell 1.2% after the French software company extended the target period of its medium-term earnings per share forecast by one fell 6.2%, placing it among the worst performers on the STOXX 600, after Exane BNP Paribas downgraded the stock to "underperform" from "neutral".On the macroeconomic front, German exports and industrial production contracted more severely than anticipated in April, as U.S. demand faltered following months of accelerated purchasing activity driven by tariff the Channel, British housing prices experienced a steeper-than-expected decline in May.
