Happy NFP day! Yes, you read that right — but don’t start thinking it’s Friday. This is the delayed number missed last Friday due to the partial government shutdown.
Elsewhere, Asian equities climbed to a fresh record, while the dollar weakened after softer retail sales reinforced expectations that the Federal Reserve will cut rates later this year. The MSCI Asia Pacific Index rose 1%, extending its outperformance versus U.S. and European markets. U.S. futures also edged higher, signalling a firmer Wall Street open, while European futures pointed to a flat start.
Treasury futures extended gains after U.S. 10-year yields fell to their lowest level in about a month in the previous session. Gold rose as markets priced slightly higher odds of three Fed cuts this year, with two already largely priced in by September. The dollar slipped against all major peers, with USD/JPY falling sharply as the yen led G10 gains.
Focus now turns to the U.S. payrolls report, where economists expect a 65,000 increase, with unemployment steady at 4.4%. Markets are increasingly sensitive to labour data following weak retail sales, as traders look for confirmation that policy easing remains on track. Risk sentiment remains constructive in Asia, supported by AI-driven equity strength, though volatility in U.S. tech continues to influence broader positioning.
• S&P 500 futures +0.2%
• Nasdaq 100 futures +0.2%
• MSCI Asia Pacific +1.0%
• USD/JPY −0.8% to 153.13
• Bitcoin −2.8% to $66,724
• Gold +0.7% to $5,060
• WTI +0.7% to $64.42
