Investor risk appetite ended the week positively, as US non-farm payroll figures for May came in higher than expected, with job creation gradually cooling (139k in May versus 147k in April), though there are still no major signs of strain from Trump's tariffs. This should give the Fed more time before cutting rates, causing Fed Funds futures and US Treasury yields to rise.
In the eurozone sovereign bond yields fell slightly as several ECB officials who spoke after Thursday's meeting showed some divergence in their expectations for inflation undershooting the 2% target. Separately, German exports for April fell short of expectations due to weak US demand, and the Bundesbank slashed its GDP forecasts for 2025 (0.0% instead of 0.2%).
Against this backdrop, the dollar appreciated against its major peers. In the equity market, Eurozone indices were mostly up,with the exception of the DAX, while US indices were lifted by tech companies. In the commodities market, oil prices rose amid optimism over global demand, driven by a positive employment report and the resumption of US-China trade talks.
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