Fraser said at an investor conference that the U.S. will have a hard time avoiding a recession, though a severe downturn is not the bank’s baseline scenario.
Consumer discretionary stocks brought down 10 of the 11 S&P 500 industry groups. Energy rose as oil hit the $ 120 a barrel mark. The NYSE Fang + index fell 3.8 percent. The VIX returned around 25.
Earlier, the U.S. government reported that 390,000 jobs were added to the economy in May and that April hiring was reviewed above. The continued strength of the labor market is dampening hopes that the Federal Reserve will stop its rate hike cycle in September.
At bitstamp.net, bitcoin fell 1.9 percent to $ 29,696 at 7:15 a.m. AEST.
U.S. 10-year bond yields were 3 basis points higher, at 2.93 percent near 16.59 in New York.
Market highlights
ASX futures are down 32 points or 0.44 percent to 7210 around 7 a.m. AEST
- AUD -0.8% to 72.07 US cents
- Bitcoin -1.9% to $ 29,696.87 at 7:15 a.m. AEST
- A Wall St: Dow -1.1% S&P 500 -1.6% Nasdaq -2.5%
- New York: BHP -0.5% Rio -1.3% Atlassian -3.1%
- Tesla -9.2% Apple -3.9% Amazon -2.5% Meta -4.1%
- Europe: Stoxx 50 -0.3% CAC -0.2% DAX -0.2%
- Gold in cash -0.9% to US $ 1,851.19 at 16:59 New York
- Brent crude + 3.1% to $ 121.28 a barrel
- Iron ore has not changed at $ 143.65 per tonne
- 10 Year Yield: USA 2.93% Australia 3.48% Germany 1.27%
- US prices at 16:59 in New York
United States
A close-up report from the Department of Labor showed non-farm payrolls rose by 390,000 jobs last month and wages rose, while the unemployment rate remained stable at 3.6 percent. , all signs of a tight labor market.
Economists polled by Reuters had predicted that non-farm payrolls would rise by 325,000 jobs.
EU countries and lawmakers will agree on a common charging port for mobile phones, tablets and headphones on June 7 when they meet to discuss a proposal that has been harshly criticized by Apple, Reuters reported.
Dave Clark, the executive who made Amazon a worldwide delivery collective, will step down as executive director of the online retailer’s consumer business to look for other opportunities, the company said. He has been working for the company for 23 years.
Boeing had halted production of its 737 MAX for about 10 days last month due to supply chain kidneys, the Wall Street Journal reported.
Europe
The pan-European STOXX 600 index fell 0.3% and volumes are expected to fall due to holidays in the UK and China. The tumultuous week ended 0.9 percent lower.
The tariff-sensitive information technology sector caused losses on the STOXX 600, while the automotive sector fell 1.6 percent, while the French Faurecia fell 6.8 percent. one hundred.
The auto parts supplier said it had launched a € 705 million capital increase to finance the acquisition of German rival Hella.
Investors raised their bets on rising ECB interest rates this year and made a 50-point increase higher at one of the bank’s policy meetings in October, following data from ‘this week they show record inflation in the eurozone.
Goods
Spain’s Acerinox and Dutch company Aperam are in preliminary talks over a possible merger, they said, a move that could create a world leader in stainless steel and Europe’s largest producer.
Analysts said an agreement, if reached, could face obstacles from European competition authorities.
“Discussions are at an early stage and no agreement has been reached on the scope, structure or terms of any possible transaction,” Aperam said in a statement.
A link could create a European player with a capacity to produce 2.3 million tonnes a year, far more than the current Finnish leader Outokumpu, with 1.4 million tonnes, Jefferies analysts said. He said a merged company would also have a leading position in the United States, South America and South Africa.
“The combined group would become one of the world’s leading players in the stainless steel industry and a clear leader in the United States and Europe,” added Banco Sabadell analysts.
Read more about Musk’s “super bad feeling” for the U.S. economy here.
Read more about the May employment report in the United States here.
With Reuters, Bloomberg