ADP Financial News

jobless claim data. Gold future contract for August expiry on Multi Commodity Exchange (MCX) ended ₹440 per 10 gm higher on Friday and finished at ₹59,390 levels. In international market, gold price closed 0.69 per cent higher on Friday and ended at $1,959 per ounce levels.

nonfarm payrolls witnessed the smallest monthly gain in over two years as it increased by 209,000 jobs in June, below the expectations of 225,000. The unemployment rate also slipped to 3.6% from 3.7% in May, indicating a tight labour market. The report comes after the minutes of the US Federal Reserve’s June meeting reiterated that more rate hikes are coming.  “The US 10 year bond yield surged to 4.09% on hopes of aggressive Fed rate hikes especially after the US ADP private sector jobs data surged to the biggest monthly increase since July 2022.

gold traders as, depending on the US data released through the week, the metal swung from one end to the other end of its current trading range of $1900-$1950. The US macroeconomic data released in the week were mixed. ISM manufacturing (June) at 46 fell short of the expectation of 47.10 as ISM prices paid further softened from May.

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Mumbai: Indian shares retreated Friday in anticipation that the US Federal Reserve will tighten policy even further to tame sticky inflation. India’s leading equity benchmarks fell nearly 1%, their biggest single-day drop since mid-April — after briefly touching fresh all-time highs in Friday’s trading — dragged down by heavyweight financials, technology, consumer staples and utilities. The Sensex declined 505.19 points or 0.77% to settle at 65,280.45.

By Sinéad Carew

US stocks slipped after hiring data remained high enough to quash speculation the Federal Reserve would leave interest rates unchanged later this month.

The number of Americans applying for jobless benefits rose last week, but remains at healthy levels despite the Federal Reserve’s attempt to cool the labor market by raising interest rates

Euro zone bond yields fell on Friday after data suggested the U.S. jobs market slowed in June. The U.S.

Stocks declined as investors prepared for another round of US jobs numbers to gauge if they will back new bets for more Federal Reserve interest rate hikes.

equity market suffered strong losses on Friday (July 7) as investors jumped to take some money off the table amid weak global cues as concerns over rate hikes grew stronger amid strong US macro data. While there has been a long-running concern that the US economy was slipping into a recession, economic data have been showing that the world's largest economy remains strong despite a series of rate hikes by the US Fed.

US Federal Reserve would be more aggressive than expected in increasing interest rates this year. The local currency fell to the levels of 82.66 to a dollar, its lowest since May 30. It has weakened by nearly 0.84% against the American currency so far this week.

cryptocurrency markets were majorly trading lower for the third straight day on Friday. Bitcoin (BTC) declined 1.46% to $30,155, whereas Ethereum (ETH) was below the $1,900 level. «Despite the slight selling pressure in the last 24 hours, the global crypto market capitalization continues to remain above $1.2 trillion. The crypto fear and greed index, too, continues to remain in the greed zone with a score of 55/100, down 1 point from yesterday,» Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said. «This selling pressure could be attributed to stronger-than-expected employment data in the US ADP private employment report. This could increase the possibility of another interest rate hike by the feds, which is driving the investor sentiment away from risk-on assets,» Part added.

rupee declined on Friday to its lowest level in a month on worries that the U.S Federal Reserve will need to hike rates more than what was previously expected. The rupee was at 82.66 to the U.S dollar, down from 82.51 in the previous session and at the lowest since May 31. «It is not about the July hike anymore.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% to a one-month low. Japan's Nikkei fell 0.6%. [.T] Overnight, surprisingly strong partial figures on the U.S.

Investing.com — Barely $3 — that’s all the buffer gold had at Thursday’s lows for staying above $1,900 support as prices of the yellow metal tumbled on signs that the U.S. jobs report for June could surprise to the upside and make the Fed more hawkish.

Investing.com — Stocks swooned on Thursday after stronger-than-expected jobs data revived fears that the Federal Reserve will continue to raise interest rates.

The U.S. job market is gradually cooling but remains hot despite a year-long government campaign to reign it in, amounting to a favorable environment for many jobseekers, economists said.

Investing.com — Another week of U.S. crude and fuel draws and another drop in oil prices instead, with the market being fixated with rate hike worries rather than healthy summer demand for energy. 

Here's how analysts read the market pulse: “Foreign investors continue to provide unwavering support to the domestic market, helping to sustain the ongoing rally despite weak global cues. India’s underperformance during the year is expected to reverse moving ahead. The mid- and small-cap segments have outperformed the benchmark index, with realty, oil & gas, power and consumption stocks leading the sectorial rally as provisional & economic data suggest a good Q1FY24 results.