Latest Finance-Economy News
World Shares Mostly Gain After Wall Street Wobbles on Strong US Jobs Data
Global markets advanced with Japan and South Korea hitting records following Wall Street's reaction to stronger-than-expected US January jobs report adding 130,000 jobs. Europe's FTSE rose 0.3%, Germany's DAX climbed 1.3%, and US futures edged higher.
The data lowers odds of near-term Fed rate cuts, boosting Treasury yields and the dollar outlook.
US Employers Add 130,000 Jobs in January, Exceeding Forecasts
The US Labor Department reported 130,000 jobs added to payrolls in January, far above economist expectations, signaling labor market stabilization. This strengthens arguments for higher US Treasury yields and a dollar rebound, per Capital Economics.
Unemployment and wage data details pending in week ahead forecasts.
Robinhood Shares Drop 8.8% Amid Crypto Trading Slowdown
Robinhood Markets fell 8.8% as investors noted a crypto trading slowdown, with Bitcoin at half its October record high. This weighs on the trading app's performance amid broader market shifts.
US stock futures still rose post-jobs data.
Moderna Stock Declines After FDA Rejects Flu Vaccine Review
Moderna shares dropped 3.5% when the FDA refused to review its new flu vaccine application. This adds to challenges for the biotech firm in diversifying beyond COVID vaccines.
Broader market gains in energy and materials offset some losses.
JPMorgan Chase to Face Class Action Lawsuit on Low Interest Rates
JPMorgan must defend claims it paid near-zero rates (0.01%-0.03%) on idle cash in brokerage and retirement accounts despite 5%+ federal funds rates. Judge ruled on breach of deposit agreements but dismissed fiduciary duty claims.
Lawsuit covers customers since August 2018, similar to settlements by Wells Fargo and Bank of America totaling $60M.
Energy Stocks Surge: Exxon Mobil Up 2.6%, Smurfit Westrock Soars 9.9%
Raw materials and energy sectors led gains, with Exxon Mobil rising 2.6% and Smurfit Westrock jumping 9.9%. Crude oil dipped slightly, US benchmark to $64.48/barrel and Brent to $69.24.
Gold fell 0.1% to $5,093.60/oz, silver down 0.5%.
Kraft Heinz Pauses Plans to Split into Two Businesses
Kraft Heinz shares rose 0.4% after announcing a pause on splitting into two businesses. This decision comes amid mixed US market reactions to jobs data.
Company focuses on current strategy amid economic stability signals.
European Markets Climb: DAX Hits 25,169, CAC 40 Up 1%
Germany's DAX gained 1.3% to 25,169.49, France's CAC 40 rose 1% to 8,398.82, and UK's FTSE up 0.3% to 10,502.20. Gains follow global momentum from strong US employment figures.
US S&P 500 and Dow futures advanced 0.3% and 0.4% respectively.
Trusted Tech Alliance Launched by 15 Global Tech Leaders
At Munich Security Conference, firms like AWS, Microsoft, Nokia, and SAP formed Trusted Tech Alliance for secure tech stacks in connectivity, cloud, AI. They commit to principles on trust, security, resilience amid geopolitical tensions.
Aims to advance energy security, defense, manufacturing via trusted ecosystems.
Dollar Weakens Slightly Against Yen, Euro Strengthens
US dollar fell to 152.84 yen from 153.27, while euro rose to $1.1888 from $1.1873. Moves follow jobs data impacting rate cut expectations.
Broader currency shifts align with rising Treasury yield outlook.
Week Ahead: Key Data on Unemployment, Wages, Retail Sales
Upcoming releases include unemployment steady at 5.1%, moderating wage growth, and rising retail sales. Focus on US, Europe, Japan economic indicators.
Could influence global market directions post-jobs report.