Market Summary
US Payrolls Miss Expectations, Gold Surges: U.S. non-farm payrolls increased by just 57,000 in June, below market expectations. The weaker labour market data prompted traders to scale back expectations for further Federal Reserve interest rate hikes, helping gold rally 2.26% to close at $4,124.50 per ounce.
KOSPI Rebounds Sharply on Samsung Gains: South Korea's tech-heavy KOSPI fell 3.59% on Thursday to 7,640 and extended losses to around 7,400 early this morning before staging a strong recovery, rising 9.78% to 8,117. The rebound was led by a 7% gain in Samsung after reports that Anthropic is in talks with the company to manufacture an artificial intelligence chip.
Yen Strengthens Following Weak US Jobs Data: The Japanese yen recovered against the U.S. dollar, with USD/JPY falling from 162.54 to 161.05 after the softer-than-expected U.S. payrolls report. Japan's Finance Minister also reiterated that authorities stand ready to take appropriate action in the foreign exchange market if necessary.
US Markets Closed for Independence Day: U.S. equity markets are closed today in observance of the Independence Day holiday, with trading activity expected to be lighter across global markets.
Economic Calendar
- France Industrial Production
- Italy Services PMI
- UK Services PMI
Key Market Moves Today
- S&P 500 Futures: +0.34% (7,554)
- Brent Crude: +0.64% ($72.26)
- Bitcoin: -0.28% ($61,346)
- Spot Gold: +1.35% ($4,178)
**For professional investors only** Any opinions, news, research, analyses, prices, or other information contained in this blog is provided as general market commentary and does not constitute (and should not be construed as containing) investment advice or an investment recommendation, or an offer of, or solicitation for, a transaction in any financial instrument. Some of this information may have been provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed. No representation or warranty, expressed or implied, is made or given by or on behalf of iSAM Securities or its directors or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this blog, and no responsibility or liability is accepted for any such information. As a result, any person acting on any information does so entirely at their own risk. iSAM Securities will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
