US stocks end up on jobs data and China hopes
US stocks closed higher on Friday after a better-than-expected jobs report calmed worries about the economy, while Tesla bounced, clawing back some losses from a sharp plunge the previous session.
The S&P 500 closed above 6,000 for the first time since February 21, fuelled by gains in technology shares.
Investors cheered news citing President Donald Trump as saying three cabinet officials will meet representatives of China in London on June 9 to discuss a trade deal.
"The market will chase the trade deal carrot any time it's available. The trick is whether any actual deal gets done," said Jamie Cox, managing partner at Harris Financial Group.
On Thursday, Trump and Chinese leader Xi Jinping spoke, after weeks of trade tensions and a battle over critical minerals. They left key issues unresolved for future talks.
In early trading, US data showed nonfarm payrolls increased by 139,000 jobs last month after rising by a downwardly revised 147,000 in April. Economists polled by Reuters had forecast payrolls advancing by 130,000 jobs.
The unemployment rate stood at 4.2 per cent, in line with expectations.
Following the report, traders bet that Federal Reserve policymakers have little reason to rush on rate cuts. They are seen waiting until September to cut rates, with just one more cut in view by December, based on interest rate futures. Central bank policymakers meet later this month.
"We expect the Fed to remain on hold at this month's meeting and think a softening in the labour market data is likely required for the Fed to continue its easing cycle," said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management.
Weaker-than-expected private payrolls numbers and surveys on the services sector this week had raised concerns that trade uncertainty could slow the economy.
US equities rallied in May, with the S&P 500 index and the tech-heavy Nasdaq scoring their biggest monthly percentage gains since November 2023, thanks to softening of Trump's harsh trade stance and upbeat earnings reports.
On Friday, the S&P 500 hit its highest in over three months, and remained below record highs touched in February by a little more than 2.0 per cent. The Dow index also rose to a three-month high.
The Dow Jones Industrial Average rose 442.88 points, or 1.05 per cent, to 42,762.62, the S&P 500 gained 61.02 points, or 1.03 per cent, to 6,000.32 and the Nasdaq Composite gained 231.50 points, or 1.20 per cent, to 19,529.95.
The S&P gained 1.5 per cent for the week, the Dow 1.17 per cent and Nasdaq 2.18 per cent.
Shares of Tesla rose 3.8 per cent after plunging about 15 per cent on Thursday during Trump's public feud with Musk, including threats to cut off government contracts with Musk's companies.
Other megacap companies also rose. Amazon was up 2.7 per cent and Alphabet gained 3.25 per cent.
Wells Fargo rose 1.9 per cent as ratings firm S&P Global upgraded its outlook on Wells Fargo to "positive" from "stable." Earlier this week, the US bank was released from a $US1.95 trillion ($A3 trillion) asset cap.
Broadcom shares fell 5.0 per cent after the networking and custom AI chipmaker's quarterly revenue forecast failed to impress investors.
Lululemon shares slumped 19.8 per cent as the sportswear maker cut its annual profit target, citing higher costs from Trump's tariffs.
Advancing issues outnumbered decliners by a 2.14-to-1 ratio on the NYSE. There were 173 new highs and 34 new lows on the NYSE.
On the Nasdaq, advancing issues outnumbered decliners by a 2.52-to-1 ratio.
The S&P 500 posted 20 new 52-week highs and no new lows while the Nasdaq Composite recorded 86 new highs and 38 new lows.
Volume on US exchanges was relatively light, with 14.5 billion shares traded, compared to an average of 17.8 billion shares over the previous 20 sessions.
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The Advertiser
3 hours ago
- The Advertiser
Leaders used as props in Trump's trashy show
This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to I'd be lying if I said I didn't enjoy it. And, let's face it, so would you. We all knew it was coming but when it did, so publicly and in real time, the break-up was spectacular. The world's richest man and the world's most powerful, slugging it out for all to see, both diminished by the ugliness of the spectacle. Reality TV was never this compelling. No episode of Big Brother, Survivor or Married at First Sight has or will ever come close. Nor will it ever be this expensive to make. Elon Musk's US$300 million investment in Donald Trump's election campaign up in smoke in the course of an Oval Office appearance by the president, who with German Chancellor Friedrich Merz seated beside him like an embarrassed extra, unloaded on his former "first buddy". Not only that. Billions were wiped off his wealth as Tesla shares tanked by 14 per cent. One estimate was that Musk's personal net wealth tumbled by US$34 billion. In one day. Musk, the MAGA darling, one minute, a pariah the next. Long-time Trump acolyte Steve Bannon called for Musk's deportation. Trump himself threatened to cancel multibillion-dollar contracts with Musk's SpaceX, claimed Elon had "gone crazy". All because the billionaire publicly opposed Trump's spending bill with its tax cuts for the wealthy and an additional US$2.42 trillion in debt over the next decade. Musk himself called for Trump to be impeached, for JD Vance to replace him. He posted without evidence that Trump featured in the unreleased and, without doubt, sordid Jeffrey Epstein files. If it was dizzying stuff for casual viewers on the other side of the world, imagine what it was like for Merz, sitting in the rococo nightmare of the revamped Oval Office in front of the world's media, having just been informed by Trump that D-day was not a pleasant day for Germany. Some small talk. Then to have to sit through Trump's Musk tirade, maintaining a facial expression of dignified neutrality. After Zelenskyy's dressing down and South Africa's Cyril Ramaphosa's enduring of discredited white genocide claims, it's time world leaders stopped beating a path to the Oval Office door. They should not allow themselves to be used as props in the trashy Trump show. Show some dignity, people. Time is a precious commodity, especially for the leaders of nations. The last thing they need is to waste it enduring incomprensible monologues from a president who has a loose arrangement with the plot. When Trump was bloviating about Russia and Ukraine being like two children fighting in a park - sometimes you have to let them fight before pulling them apart, he told the chancellor - Merz showed incredible self-control by not looking at his watch. Having seen a procession of leaders displayed like trophies in the Oval Office, the host basking in all the attention, often treating them rudely, those seeking an audience ought to be careful about what they wish for. It's unlikely Friedrich Merz thought he'd get a front row seat to the unholy tantrum that was the Musk-Trump break-up. Also unlikely he'd hurry back for more of the same. HAVE YOUR SAY: Should world leaders maintain their dignity by declining audiences with Donald Trump? Do they risk becoming extras in Trump's trashy reality show? Are they pandering to his ego by beating a path to his door? Would ignoring Trump better serve their interests? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - An Australian man detained in an Iraqi prison for nearly four years has been released on bail. Engineer Robert Pether was granted conditional release after being detained on misrepresentation and fraud charges. - Families of six children killed in a primary school jumping castle accident in Tasmania are angry and in disbelief after a court dismissed a workplace safety charge against its operator. - Armed with bollards and bravery, French nationals Damien Guerot and Silas Despreaux confronted Joel Cauchi amid his stabbing rampage at a busy mall in broad daylight where he killed six dead in five minutes. They were awarded the Ordre National du Merite, one of France's highest distinctions, for their courageous efforts on April 13, 2024. THEY SAID IT: "Nothing is more despicable than respect based on fear." - Albert Camus YOU SAID IT: When problems are always presented as insurmountable, we stop looking for solutions, falling victim to doomsday fatigue, wrote Garry. "I wish, those who suffer doomsday fatigue stayed in bed and slept it off instead of doing things like getting on a plane to escape to somewhere else or driving around in fat SUVs, and those who understand what's going on actually did what's most effective to avert disasters," writes Horst. "Doomsday fatigue is real (also under other names like 'collapse awareness'), but it can and should be worked through," writes Alex. "When facing the environmental facts, it is useful to think of the stages of grief: denial, anger, bargaining, depression, acceptance. 'Acceptance' does not mean being happy about problems, it means being able to face them unblinking, go on doing what we can to make things better, appreciating what we've got." Noting he's enduring an Antarctic winter blast, Paul writes: "I think because everything is excessively hyped up, people just don't know how to gauge the degree of concern they should have over any particular issue. For an issue to break through the malaise, it takes something extraordinary and unexpected to happen - a wake-up call. Unfortunately, these days, that means a truly devastating event. That's the scary thing." This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to I'd be lying if I said I didn't enjoy it. And, let's face it, so would you. We all knew it was coming but when it did, so publicly and in real time, the break-up was spectacular. The world's richest man and the world's most powerful, slugging it out for all to see, both diminished by the ugliness of the spectacle. Reality TV was never this compelling. No episode of Big Brother, Survivor or Married at First Sight has or will ever come close. Nor will it ever be this expensive to make. Elon Musk's US$300 million investment in Donald Trump's election campaign up in smoke in the course of an Oval Office appearance by the president, who with German Chancellor Friedrich Merz seated beside him like an embarrassed extra, unloaded on his former "first buddy". Not only that. Billions were wiped off his wealth as Tesla shares tanked by 14 per cent. One estimate was that Musk's personal net wealth tumbled by US$34 billion. In one day. Musk, the MAGA darling, one minute, a pariah the next. Long-time Trump acolyte Steve Bannon called for Musk's deportation. Trump himself threatened to cancel multibillion-dollar contracts with Musk's SpaceX, claimed Elon had "gone crazy". All because the billionaire publicly opposed Trump's spending bill with its tax cuts for the wealthy and an additional US$2.42 trillion in debt over the next decade. Musk himself called for Trump to be impeached, for JD Vance to replace him. He posted without evidence that Trump featured in the unreleased and, without doubt, sordid Jeffrey Epstein files. If it was dizzying stuff for casual viewers on the other side of the world, imagine what it was like for Merz, sitting in the rococo nightmare of the revamped Oval Office in front of the world's media, having just been informed by Trump that D-day was not a pleasant day for Germany. Some small talk. Then to have to sit through Trump's Musk tirade, maintaining a facial expression of dignified neutrality. After Zelenskyy's dressing down and South Africa's Cyril Ramaphosa's enduring of discredited white genocide claims, it's time world leaders stopped beating a path to the Oval Office door. They should not allow themselves to be used as props in the trashy Trump show. Show some dignity, people. Time is a precious commodity, especially for the leaders of nations. The last thing they need is to waste it enduring incomprensible monologues from a president who has a loose arrangement with the plot. When Trump was bloviating about Russia and Ukraine being like two children fighting in a park - sometimes you have to let them fight before pulling them apart, he told the chancellor - Merz showed incredible self-control by not looking at his watch. Having seen a procession of leaders displayed like trophies in the Oval Office, the host basking in all the attention, often treating them rudely, those seeking an audience ought to be careful about what they wish for. It's unlikely Friedrich Merz thought he'd get a front row seat to the unholy tantrum that was the Musk-Trump break-up. Also unlikely he'd hurry back for more of the same. HAVE YOUR SAY: Should world leaders maintain their dignity by declining audiences with Donald Trump? Do they risk becoming extras in Trump's trashy reality show? Are they pandering to his ego by beating a path to his door? Would ignoring Trump better serve their interests? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - An Australian man detained in an Iraqi prison for nearly four years has been released on bail. Engineer Robert Pether was granted conditional release after being detained on misrepresentation and fraud charges. - Families of six children killed in a primary school jumping castle accident in Tasmania are angry and in disbelief after a court dismissed a workplace safety charge against its operator. - Armed with bollards and bravery, French nationals Damien Guerot and Silas Despreaux confronted Joel Cauchi amid his stabbing rampage at a busy mall in broad daylight where he killed six dead in five minutes. They were awarded the Ordre National du Merite, one of France's highest distinctions, for their courageous efforts on April 13, 2024. THEY SAID IT: "Nothing is more despicable than respect based on fear." - Albert Camus YOU SAID IT: When problems are always presented as insurmountable, we stop looking for solutions, falling victim to doomsday fatigue, wrote Garry. "I wish, those who suffer doomsday fatigue stayed in bed and slept it off instead of doing things like getting on a plane to escape to somewhere else or driving around in fat SUVs, and those who understand what's going on actually did what's most effective to avert disasters," writes Horst. "Doomsday fatigue is real (also under other names like 'collapse awareness'), but it can and should be worked through," writes Alex. "When facing the environmental facts, it is useful to think of the stages of grief: denial, anger, bargaining, depression, acceptance. 'Acceptance' does not mean being happy about problems, it means being able to face them unblinking, go on doing what we can to make things better, appreciating what we've got." Noting he's enduring an Antarctic winter blast, Paul writes: "I think because everything is excessively hyped up, people just don't know how to gauge the degree of concern they should have over any particular issue. For an issue to break through the malaise, it takes something extraordinary and unexpected to happen - a wake-up call. Unfortunately, these days, that means a truly devastating event. That's the scary thing." This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to I'd be lying if I said I didn't enjoy it. And, let's face it, so would you. We all knew it was coming but when it did, so publicly and in real time, the break-up was spectacular. The world's richest man and the world's most powerful, slugging it out for all to see, both diminished by the ugliness of the spectacle. Reality TV was never this compelling. No episode of Big Brother, Survivor or Married at First Sight has or will ever come close. Nor will it ever be this expensive to make. Elon Musk's US$300 million investment in Donald Trump's election campaign up in smoke in the course of an Oval Office appearance by the president, who with German Chancellor Friedrich Merz seated beside him like an embarrassed extra, unloaded on his former "first buddy". Not only that. Billions were wiped off his wealth as Tesla shares tanked by 14 per cent. One estimate was that Musk's personal net wealth tumbled by US$34 billion. In one day. Musk, the MAGA darling, one minute, a pariah the next. Long-time Trump acolyte Steve Bannon called for Musk's deportation. Trump himself threatened to cancel multibillion-dollar contracts with Musk's SpaceX, claimed Elon had "gone crazy". All because the billionaire publicly opposed Trump's spending bill with its tax cuts for the wealthy and an additional US$2.42 trillion in debt over the next decade. Musk himself called for Trump to be impeached, for JD Vance to replace him. He posted without evidence that Trump featured in the unreleased and, without doubt, sordid Jeffrey Epstein files. If it was dizzying stuff for casual viewers on the other side of the world, imagine what it was like for Merz, sitting in the rococo nightmare of the revamped Oval Office in front of the world's media, having just been informed by Trump that D-day was not a pleasant day for Germany. Some small talk. Then to have to sit through Trump's Musk tirade, maintaining a facial expression of dignified neutrality. After Zelenskyy's dressing down and South Africa's Cyril Ramaphosa's enduring of discredited white genocide claims, it's time world leaders stopped beating a path to the Oval Office door. They should not allow themselves to be used as props in the trashy Trump show. Show some dignity, people. Time is a precious commodity, especially for the leaders of nations. The last thing they need is to waste it enduring incomprensible monologues from a president who has a loose arrangement with the plot. When Trump was bloviating about Russia and Ukraine being like two children fighting in a park - sometimes you have to let them fight before pulling them apart, he told the chancellor - Merz showed incredible self-control by not looking at his watch. Having seen a procession of leaders displayed like trophies in the Oval Office, the host basking in all the attention, often treating them rudely, those seeking an audience ought to be careful about what they wish for. It's unlikely Friedrich Merz thought he'd get a front row seat to the unholy tantrum that was the Musk-Trump break-up. Also unlikely he'd hurry back for more of the same. HAVE YOUR SAY: Should world leaders maintain their dignity by declining audiences with Donald Trump? Do they risk becoming extras in Trump's trashy reality show? Are they pandering to his ego by beating a path to his door? Would ignoring Trump better serve their interests? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - An Australian man detained in an Iraqi prison for nearly four years has been released on bail. Engineer Robert Pether was granted conditional release after being detained on misrepresentation and fraud charges. - Families of six children killed in a primary school jumping castle accident in Tasmania are angry and in disbelief after a court dismissed a workplace safety charge against its operator. - Armed with bollards and bravery, French nationals Damien Guerot and Silas Despreaux confronted Joel Cauchi amid his stabbing rampage at a busy mall in broad daylight where he killed six dead in five minutes. They were awarded the Ordre National du Merite, one of France's highest distinctions, for their courageous efforts on April 13, 2024. THEY SAID IT: "Nothing is more despicable than respect based on fear." - Albert Camus YOU SAID IT: When problems are always presented as insurmountable, we stop looking for solutions, falling victim to doomsday fatigue, wrote Garry. "I wish, those who suffer doomsday fatigue stayed in bed and slept it off instead of doing things like getting on a plane to escape to somewhere else or driving around in fat SUVs, and those who understand what's going on actually did what's most effective to avert disasters," writes Horst. "Doomsday fatigue is real (also under other names like 'collapse awareness'), but it can and should be worked through," writes Alex. "When facing the environmental facts, it is useful to think of the stages of grief: denial, anger, bargaining, depression, acceptance. 'Acceptance' does not mean being happy about problems, it means being able to face them unblinking, go on doing what we can to make things better, appreciating what we've got." Noting he's enduring an Antarctic winter blast, Paul writes: "I think because everything is excessively hyped up, people just don't know how to gauge the degree of concern they should have over any particular issue. For an issue to break through the malaise, it takes something extraordinary and unexpected to happen - a wake-up call. Unfortunately, these days, that means a truly devastating event. That's the scary thing." This is a sample of The Echidna newsletter sent out each weekday morning. To sign up for FREE, go to I'd be lying if I said I didn't enjoy it. And, let's face it, so would you. We all knew it was coming but when it did, so publicly and in real time, the break-up was spectacular. The world's richest man and the world's most powerful, slugging it out for all to see, both diminished by the ugliness of the spectacle. Reality TV was never this compelling. No episode of Big Brother, Survivor or Married at First Sight has or will ever come close. Nor will it ever be this expensive to make. Elon Musk's US$300 million investment in Donald Trump's election campaign up in smoke in the course of an Oval Office appearance by the president, who with German Chancellor Friedrich Merz seated beside him like an embarrassed extra, unloaded on his former "first buddy". Not only that. Billions were wiped off his wealth as Tesla shares tanked by 14 per cent. One estimate was that Musk's personal net wealth tumbled by US$34 billion. In one day. Musk, the MAGA darling, one minute, a pariah the next. Long-time Trump acolyte Steve Bannon called for Musk's deportation. Trump himself threatened to cancel multibillion-dollar contracts with Musk's SpaceX, claimed Elon had "gone crazy". All because the billionaire publicly opposed Trump's spending bill with its tax cuts for the wealthy and an additional US$2.42 trillion in debt over the next decade. Musk himself called for Trump to be impeached, for JD Vance to replace him. He posted without evidence that Trump featured in the unreleased and, without doubt, sordid Jeffrey Epstein files. If it was dizzying stuff for casual viewers on the other side of the world, imagine what it was like for Merz, sitting in the rococo nightmare of the revamped Oval Office in front of the world's media, having just been informed by Trump that D-day was not a pleasant day for Germany. Some small talk. Then to have to sit through Trump's Musk tirade, maintaining a facial expression of dignified neutrality. After Zelenskyy's dressing down and South Africa's Cyril Ramaphosa's enduring of discredited white genocide claims, it's time world leaders stopped beating a path to the Oval Office door. They should not allow themselves to be used as props in the trashy Trump show. Show some dignity, people. Time is a precious commodity, especially for the leaders of nations. The last thing they need is to waste it enduring incomprensible monologues from a president who has a loose arrangement with the plot. When Trump was bloviating about Russia and Ukraine being like two children fighting in a park - sometimes you have to let them fight before pulling them apart, he told the chancellor - Merz showed incredible self-control by not looking at his watch. Having seen a procession of leaders displayed like trophies in the Oval Office, the host basking in all the attention, often treating them rudely, those seeking an audience ought to be careful about what they wish for. It's unlikely Friedrich Merz thought he'd get a front row seat to the unholy tantrum that was the Musk-Trump break-up. Also unlikely he'd hurry back for more of the same. HAVE YOUR SAY: Should world leaders maintain their dignity by declining audiences with Donald Trump? Do they risk becoming extras in Trump's trashy reality show? Are they pandering to his ego by beating a path to his door? Would ignoring Trump better serve their interests? Email us: echidna@ SHARE THE LOVE: If you enjoy The Echidna, forward it to a friend so they can sign up, too. IN CASE YOU MISSED IT: - An Australian man detained in an Iraqi prison for nearly four years has been released on bail. Engineer Robert Pether was granted conditional release after being detained on misrepresentation and fraud charges. - Families of six children killed in a primary school jumping castle accident in Tasmania are angry and in disbelief after a court dismissed a workplace safety charge against its operator. - Armed with bollards and bravery, French nationals Damien Guerot and Silas Despreaux confronted Joel Cauchi amid his stabbing rampage at a busy mall in broad daylight where he killed six dead in five minutes. They were awarded the Ordre National du Merite, one of France's highest distinctions, for their courageous efforts on April 13, 2024. THEY SAID IT: "Nothing is more despicable than respect based on fear." - Albert Camus YOU SAID IT: When problems are always presented as insurmountable, we stop looking for solutions, falling victim to doomsday fatigue, wrote Garry. "I wish, those who suffer doomsday fatigue stayed in bed and slept it off instead of doing things like getting on a plane to escape to somewhere else or driving around in fat SUVs, and those who understand what's going on actually did what's most effective to avert disasters," writes Horst. "Doomsday fatigue is real (also under other names like 'collapse awareness'), but it can and should be worked through," writes Alex. "When facing the environmental facts, it is useful to think of the stages of grief: denial, anger, bargaining, depression, acceptance. 'Acceptance' does not mean being happy about problems, it means being able to face them unblinking, go on doing what we can to make things better, appreciating what we've got." Noting he's enduring an Antarctic winter blast, Paul writes: "I think because everything is excessively hyped up, people just don't know how to gauge the degree of concern they should have over any particular issue. For an issue to break through the malaise, it takes something extraordinary and unexpected to happen - a wake-up call. Unfortunately, these days, that means a truly devastating event. That's the scary thing."
The Advertiser
3 hours ago
- The Advertiser
Asian shares climb, dollar eases ahead of US-China talk
Shares jumped and the dollar pared recent gains as Asian markets reacted to better-than-expected US jobs data ahead of talks in London aimed at mending a trade rift between the United States and China. Wall Street stocks had closed sharply higher on Friday after the jobs data eased concerns about damage to the world's biggest economy from President Donald Trump's unpredictable tariff regime. Safe-haven assets such as gold remained lower after steep selloffs. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent in early trade on Monday. Hong Kong's Hang Seng Index surged 1.3 per cent, touching the 24,000-point level for the first time since March 21. Japan's Nikkei stock index rose 0.9 per cent. At the same time, a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies weighed on sentiment. The dollar slid 0.3 per cent against the yen to 144.39, trimming its 0.9 per cent jump on Friday. The European single currency was up 0.2 per cent on the day at $1.1422. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. The discussions follow a rare call last week between Trump and Chinese President Xi Jinping. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-US economic and trade consultation mechanism. US employers added 139,000 jobs in May, data showed on Friday, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists. Attention now turns to inflation data on Wednesday that will feed into expectations for the timing of any rate cuts by the Federal Reserve. Markets are facing "mixed fortunes" on Monday as they balance optimism over trade and the US economy against the potential for social unrest in California, said Jeff Ng, Head of Asia Macro Strategy at SMBC. "The trade talks, if there's any progress, may help as well, but markets may not have priced in a lot of breakthrough for that," Ng said. "In the meantime, we are also quite cognisant that in the US there are protests in LA and the National Guard is also being sent in, so we have to be on the watch for event risk as well." Spot gold fell 0.2 per cent to $US3,303.19 ($A5,084.18) an ounce. US crude was little changed at $US64.56 ($A99.37) a barrel after a two-day gain. Shares jumped and the dollar pared recent gains as Asian markets reacted to better-than-expected US jobs data ahead of talks in London aimed at mending a trade rift between the United States and China. Wall Street stocks had closed sharply higher on Friday after the jobs data eased concerns about damage to the world's biggest economy from President Donald Trump's unpredictable tariff regime. Safe-haven assets such as gold remained lower after steep selloffs. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent in early trade on Monday. Hong Kong's Hang Seng Index surged 1.3 per cent, touching the 24,000-point level for the first time since March 21. Japan's Nikkei stock index rose 0.9 per cent. At the same time, a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies weighed on sentiment. The dollar slid 0.3 per cent against the yen to 144.39, trimming its 0.9 per cent jump on Friday. The European single currency was up 0.2 per cent on the day at $1.1422. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. The discussions follow a rare call last week between Trump and Chinese President Xi Jinping. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-US economic and trade consultation mechanism. US employers added 139,000 jobs in May, data showed on Friday, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists. Attention now turns to inflation data on Wednesday that will feed into expectations for the timing of any rate cuts by the Federal Reserve. Markets are facing "mixed fortunes" on Monday as they balance optimism over trade and the US economy against the potential for social unrest in California, said Jeff Ng, Head of Asia Macro Strategy at SMBC. "The trade talks, if there's any progress, may help as well, but markets may not have priced in a lot of breakthrough for that," Ng said. "In the meantime, we are also quite cognisant that in the US there are protests in LA and the National Guard is also being sent in, so we have to be on the watch for event risk as well." Spot gold fell 0.2 per cent to $US3,303.19 ($A5,084.18) an ounce. US crude was little changed at $US64.56 ($A99.37) a barrel after a two-day gain. Shares jumped and the dollar pared recent gains as Asian markets reacted to better-than-expected US jobs data ahead of talks in London aimed at mending a trade rift between the United States and China. Wall Street stocks had closed sharply higher on Friday after the jobs data eased concerns about damage to the world's biggest economy from President Donald Trump's unpredictable tariff regime. Safe-haven assets such as gold remained lower after steep selloffs. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent in early trade on Monday. Hong Kong's Hang Seng Index surged 1.3 per cent, touching the 24,000-point level for the first time since March 21. Japan's Nikkei stock index rose 0.9 per cent. At the same time, a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies weighed on sentiment. The dollar slid 0.3 per cent against the yen to 144.39, trimming its 0.9 per cent jump on Friday. The European single currency was up 0.2 per cent on the day at $1.1422. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. The discussions follow a rare call last week between Trump and Chinese President Xi Jinping. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-US economic and trade consultation mechanism. US employers added 139,000 jobs in May, data showed on Friday, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists. Attention now turns to inflation data on Wednesday that will feed into expectations for the timing of any rate cuts by the Federal Reserve. Markets are facing "mixed fortunes" on Monday as they balance optimism over trade and the US economy against the potential for social unrest in California, said Jeff Ng, Head of Asia Macro Strategy at SMBC. "The trade talks, if there's any progress, may help as well, but markets may not have priced in a lot of breakthrough for that," Ng said. "In the meantime, we are also quite cognisant that in the US there are protests in LA and the National Guard is also being sent in, so we have to be on the watch for event risk as well." Spot gold fell 0.2 per cent to $US3,303.19 ($A5,084.18) an ounce. US crude was little changed at $US64.56 ($A99.37) a barrel after a two-day gain. Shares jumped and the dollar pared recent gains as Asian markets reacted to better-than-expected US jobs data ahead of talks in London aimed at mending a trade rift between the United States and China. Wall Street stocks had closed sharply higher on Friday after the jobs data eased concerns about damage to the world's biggest economy from President Donald Trump's unpredictable tariff regime. Safe-haven assets such as gold remained lower after steep selloffs. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5 per cent in early trade on Monday. Hong Kong's Hang Seng Index surged 1.3 per cent, touching the 24,000-point level for the first time since March 21. Japan's Nikkei stock index rose 0.9 per cent. At the same time, a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies weighed on sentiment. The dollar slid 0.3 per cent against the yen to 144.39, trimming its 0.9 per cent jump on Friday. The European single currency was up 0.2 per cent on the day at $1.1422. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. The discussions follow a rare call last week between Trump and Chinese President Xi Jinping. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick-off the week." US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-US economic and trade consultation mechanism. US employers added 139,000 jobs in May, data showed on Friday, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists. Attention now turns to inflation data on Wednesday that will feed into expectations for the timing of any rate cuts by the Federal Reserve. Markets are facing "mixed fortunes" on Monday as they balance optimism over trade and the US economy against the potential for social unrest in California, said Jeff Ng, Head of Asia Macro Strategy at SMBC. "The trade talks, if there's any progress, may help as well, but markets may not have priced in a lot of breakthrough for that," Ng said. "In the meantime, we are also quite cognisant that in the US there are protests in LA and the National Guard is also being sent in, so we have to be on the watch for event risk as well." Spot gold fell 0.2 per cent to $US3,303.19 ($A5,084.18) an ounce. US crude was little changed at $US64.56 ($A99.37) a barrel after a two-day gain.
Sky News AU
3 hours ago
- Sky News AU
Donald Trump and Elon Musk must continue making progress together for good of the United States
The relationship between President Donald Trump and tech titan Elon Musk factors among the most consequential political relationships in American history and it must be repaired, quickly, for the good of the United States and the continued support of the Republican Party base. There is too much at stake in America today for their division to disrupt the process of the MAGA movement in reversing the incredible harms that were wrought on the country and the world by the Biden Administration. Five months into Trump's second term in the White House, he has taken the country by storm with a string of major accomplishments that, a year ago, most in the country despaired could never be achieved. As a result, his approval rating has reached its highest point in months, Americans are expressing greater satisfaction with the direction of the country than at any time in recent history, and Democrats have fallen even deeper into disarray. The public feud between the president and Musk threatens to upend the successes of the Trump Administration and create an opening for Democrats to regroup and take advantage of a fractured MAGA movement. The rift originated from a spending bill recently passed by the House of Representatives, which Trump is now promoting and referring to as the 'big beautiful bill.' It will soon go up for a vote in the Senate. Just days after the president gave him a celebratory farewell at the Oval Office, Musk wrote on X, 'I'm sorry, but I just can't stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.' In a subsequent post, Musk threatened that 'we fire all politicians who betrayed the American people' by supporting the bill. House Speaker Mike Johnson and the White House have closed ranks around the legislation, touting it as the best solution to reform government while extending Trump's tax cuts. But Musk's criticisms have emboldened other Republicans who believe the bill is anything but conservative and will only further help to bankrupt a nation that is already $37 trillion in debt. Congressman Thomas Massie voted against the bill, along with three other House Republican colleagues, because it would add $2.4 trillion to the federal deficit and raise the debt ceiling by trillions. Now, amid Musk's criticisms of the legislation, it appears to be "losing momentum" on the Senate side. Musk took his criticisms beyond just the spending bill: He claimed that Trump was in the Epstein files and that's why they haven't been released to the public. In response to the attacks, Trump said the relationship with Musk is over. The impacts of the Trump-Musk relationship ending badly could be catastrophic. Musk's influence in today's MAGA movement cannot be overstated, and it should not be underappreciated. The billionaire played a bigger role in electing Trump president than anyone other than Trump. His visibility on the campaign and in the administration, as well as his recent commitment to supporting and funding right-of-center candidates, has made him a superstar in the MAGA community. Even Vice President JD Vance, a Trump loyalist, conceded in an interview that he "understands" Musk's frustration with the spending bill. Musk was instrumental in convincing Trump to choose Vance as his running mate, and when the Trump-Musk spat spilled out into the open, Musk indicated support for a viewpoint circulating on X that Vance should take over as president. Vance also knows that Elon's deep pockets could be critical in helping him clinch the MAGA mantel as the GOP candidate for president when Trump's second term concludes. Musk's influence is not limited to donation-seeking politicians. A massive base of conservative supporters, many of them young voters, follow him zealously. Nearly 70 per cent of young men have a favorable view of Musk. Now many of those supporters are defending Musk on X, and in the process criticising the president. Ask an average voter to name one figure in the country who is most symbolic of the MAGA movement, and they will either name Trump… or Musk. By publicly clashing, and forcing supporters to choose a side, Trump and Musk risk disunifying the Republican Party—and that's just what the Democrats and their allies in the mainstream media want. Since Musk's first combative post on X challenging Trump's spending bill, the feud has dominated news coverage and commentary. At this moment, the country is no longer talking about the administration's tremendous wins at the southern border, its accomplishments in returning safety to America's streets, the de-weaponisation of our Department of Justice, or its courageous efforts to bring manufacturing back the United States. Instead, the media can keep viewers' and readers' blood pressure high with incessant headlines about division, confusion, and 'chaos!' While the Democratic Party may be foundering and at a loss for a strategy to defeat the GOP in 2028, this is the media's strategy: to distract the public from Trump's wins, while compelling Americans to feel anxious and exhausted by a constant perception that Washington is disorganised and full of mayhem. Then, the Democrats can enter stage left and urge voters to elect them on the platform of an ostensible 'return to normalcy,' unity, and order. The White House likely made a mistake by allowing Musk to have so much visibility in the administration at the beginning. It was obvious from the start that while Trump and Musk were aligned on many fronts, there were many points of difference that would be impossible to reconcile despite their desire to collaborate. All of that, plus there were obvious concerns to be had about the risks and pitfalls of putting the world's most powerful man and the world's richest man in the same building from day to day. But for Trump and Musk to end the relationship in this way, and to do so while trashing each other publicly no less, is a grave mistake. Both men have unique and vitally important abilities to offer the country. Democrats significantly eroded the quality of life in the United States under the Biden Administration. More than 10 million illegal immigrants came through our open border, bringing drugs and crime. Millions of Americans worried about filling their cars with gas or buying groceries for their families due to inflation. Violent crime skyrocketed in American cities and towns. Leftists used lawfare to target and imprison their political enemies. We cannot afford to return to those dark days. Trump and Musk must bury the hatchet now and continue making progress together.
