The US jobs report released at 8:30 am EST, Non-Farm Payrolls were expected to have increased by around 189k in May the headline number was well above at 223K. Despite the NFP being the headline print, the market is more focused on the wage growth number with earnings increasing by 0.3% on a monthly basis and 2.7% as the annualized figure which was expected. The numbers are giving market participants the signal a June rate hike from the Fed is now even more possible.
Away from data, the Trump administration has enacted its threat to impose steel and aluminum tariffs overnight with Canada, Mexico, and the EU being hit with 25% import duty on steel and 10% on aluminum. . Commodity currencies dipped on the new.
Asian equities finished lower however European bourses are in positive territory this morning as positive news regarding Italy emerges. US equity markets are pointing to a higher open with futures for the Dow up 177 pts and the S&P futures are up 18 pts. Gold and oil are both lower to end the week and start the month, with gold currently at 1295.10 down 4.93 and WTI crude at 66.50 dollars per barrel done 54 cents US.