News updates from July 5: US economy adds 206,000 jobs; Keir Starmer appointed UK prime minister
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on x Share $US economy adds 206,000 jobs but unemployment ticks higher on Facebook Wall Street’s main equities gauges closed at record highs for the third consecutive session to notch their biggest weekly gains in just over two months. “I have no idea who is behind it. I disagree with some of the things that they’re saying and some of the things they’re saying are absolutely ridiculous and abysmal,” Trump continued.
The benchmark S&P 500 was up 0.5 per cent during Friday afternoon trading, with technology the best performing sector. The Nasdaq Composite gained 0.9 per cent as every Magnificent Seven tech group except Nvidia advanced. London’s FTSE 100, which includes many international and overseas companies, closed 0.5 per cent lower, erasing gains from earlier in the session. In contrast, the FTSE 250 index of domestically focused mid-cap stocks advanced 0.9 per cent.
The cryptocurrency slipped as much as 8 per cent to below $54,000 before recovering to trade at $55,604 by mid-morning in New York. The move takes bitcoin’s decline from a mid-March peak of around $73,000 to 26 per cent. The two-year Treasury yield, which moves with interest rate expectations, fell 0.06 percentage points to 4.63 per cent, its lowest level since early April, after the release that showed the US added 206,000 jobs in June, higher than the 190,000 forecast, as traders in the futures market added to expectations of how many times interest rates may be cut this year. Investors are now fully pricing in two interest rate cuts in 2024, with the first coming in November.
Labour’s massive victory at Westminster saw the centre-left party win 412 seats, largely at the expense of Rishi Sunak’s Conservatives, who collapsed to the worst defeat in the party’s history. Nigel Farage’s Reform UK swallowed up Tory votes, leaving the Conservatives with just 121 seats. Labour was able to win its majority with only 34 per cent of the vote, the lowest-ever winning share.
Ukraine has pleaded with its western partners to provide additional air defence systems after Russia’s air strikes destroyed more than half of the country’s power generation capacity, causing nationwide emergency shutdowns. House prices continued to fall among the smaller group of Eurozone members, but their 0.1 per cent quarterly decline was much slower than a 0.8 per cent fall in the previous quarter.
David Cumming, head of UK equities at Newton Investment Management, said the UK would be seen as an “oasis of calm”, adding that housebuilding stocks “particularly should benefit”, based on Labour’s policy for planning reform.Share $Housebuilders lead UK stock gains on Facebook Germany’s governing parties have reached a deal on the 2025 budget after months of wrangling that presented Olaf Scholz with one of his toughest challenges since becoming chancellor in 2021.
The figures released on Friday meant German industrial production was 6.7 per cent down from a year ago and more than 11 per cent below pre-pandemic levels after big declines in autos, machinery and equipment output as well as construction in May. The average house price was still 1.6 per cent higher than in June last year, the same annual rate as in May.
The plant, which was given the green light in 2021, was already behind schedule because of technical difficulties. Originally scheduled to start production in April, Shell said earlier this year it would be operational “in the latter part of the decade”. Share $Markets update: Bitcoin drops as South Korea leads Asia stock gains on Facebook Hong Kong-listed shares of Robosense, a Chinese start-up backed by BYD, slumped 64 per cent on Friday, as a six-month lock-up period for shareholders expired.
South Korean equities led gains in Asia after strong earnings releases from two of the nation’s largest electronics manufacturers on Friday morning.Shares of Samsung Electronics, South Korea’s largest listed business, rose 1.5 per cent after the company forecast a 15-fold increase in profits due to demand for artificial intelligence driving up memory chip sales. LG Electronics also reported strong earnings.
Demand has surged for advanced D-ram chips, such as high bandwidth memory chips used for training AI models and those used in data centres.Share $Samsung Electronics expects 15-fold profit rise on AI demand on X Under Brazilian law such donations should enter the public collection, but police investigators claim presidential assistants illegally diverted the items. Prosecutors must now decide whether to formally indict the former president.Share $Brazilian police recommend more criminal charges against ex-president Jair Bolsonaro on X
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