Market Commentary: Friday 5th September

A Wall Street rally extended into Asia as softer U.S. labour data reinforced bets on a Fed cut this month. Regional shares gained 1%, with Japan advancing after Trump signed a trade agreement with Tokyo, while China rebounded with the ChiNext up over 4%. S&P 500 futures rose 0.2% and Nasdaq 100 futures 0.4%, with Europe pointing higher.

Treasuries steadied after Thursday’s rally, with the two-year yield near a one-year low as markets priced at least two cuts by year-end. The dollar slipped as traders remained focused on Friday’s NFP after jobless claims hit a three-month high and ADP payrolls undershot forecasts.

In commodities, oil is headed for a weekly drop ahead of the OPEC+ meeting, while gold firmed. Corporate headlines include Broadcom upgrading its AI outlook, Samsung unveiling a premium AI-focused S25 handset, and Apple posting record India sales.

Data-wise, all eyes will be on today’s NFP numbers this afternoon.

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