Wall Street closed higher on Friday, buoyed by a better-than-expected US jobs report and a rebound in Tesla Motors shares, although concern about the Federal Reserve's rates policy remained.
The Labour Department reported on Friday that the American economy added 139,000 jobs in May, slower than previous months but beating analyst estimates, with the unemployment rate holding steady at 4.2 per cent.
It also indicated that wages grew at a solid pace, which may mean the Fed is unlikely to cut interest rates – something that US President Donald Trump has demanded from the US central bank.
Mr Trump on Thursday increased the pressure on Fed chairman Jerome Powell, urging him to cut interest rates by a full percentage point.
Mr Powell so far has resisted the calls from the White House and maintains that policy decisions will be data dependent. He met Mr Trump at the White House last week and was firm that rate decisions will be made “as required by law”.
“The labour market’s resilience puts the Fed in a difficult spot: inflation pressures remain sticky and the cooling many expected simply hasn’t materialised in the data that matters most,” said Nigel Green, chief executive of Dubai-based financial services firm deVere Group.
“This report puts another nail in the coffin for any talk of rate cuts in the summer. The Fed has said time and again it needs to see weakness in the labour market to move. This isn’t weakness. It’s strength with staying power.”
Investors also continue to monitor the tariff situation between the US and China. After imposing substantial tit-for-tat levies on imports, the world's two biggest economies agreed to a detente on their trade war on May 12.
Talks appear to be progressing: Mr Trump on Thursday spoke with Chinese President Xi Jinping, and on Friday Mr Trump said trade officials from Washington and Beijing will meet in London on Monday to resume discussions.
“Investors couldn’t care less. Dips in equity markets are still seen as opportunities to buy cheaper. And while the data is fun to watch, it remains secondary to the blind bullishness,” said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank.
“That’s the takeaway from the post – April 2 rally: the world may be wobbling, but markets march on,” she added, referring to the day Mr Trump announced his sweeping global tariffs programme.
On Wall Street, the S&P 500 and Dow Jones Industrial Average both settled 1 per cent higher, while the tech-heavy Nasdaq Composite gained 1.2 per cent.
Tesla, whose stock plummeted 14 per cent on Thursday in response chief executive Elon Musk's escalating public feud with Mr Trump, rebounded to close 3.7 per cent higher. The Texas-based company's shares rose by as much as 6 per cent.
For the week, the S&P was up 1.5 per cent, the Dow added 1.2 per cent and the Nasdaq rose 2.2 per cent. Year-to-date, the indices are up 2 per cent, 0.5 per cent and 1.1 per cent, respectively.
In Europe, markets were mostly up after the US jobs report eased fears of an economic slowdown. London's FTSE 100 closed up 0.3 per cent, boosted by banking stocks.
Paris' CAC 40 added 0.2 per cent, while Frankfurt's DAX retreated 0.1 per cent.
Earlier in Asia, major indices were mixed, with Tokyo's Nikkei 225 adding 0.5 per cent, Hong Kong's Hang Seng index declining 0.5 per cent and the Shanghai Composite closing flat.
In commodities, oil prices jumped nearly 2 per cent on Friday to post their first weekly gain in three weeks amid hopes for a US-China deal on tariffs and the jobs report.
Brent rose 1.73 per cent to settle at $66.47 a barrel, while West Texas Intermediate closed 1.91 per cent higher at $64.58 a barrel.
Gold, meanwhile, fell more than 1 per cent on investor concerns that the US jobs report won't sway the Fed to cut rates soon.
The precious metal, a hedge against inflation, declined nearly 1.3 per cent to $3,311.70 an ounce.
ENGLAND TEAM
England (15-1)
George Furbank; Jonny May, Manu Tuilagi, Owen Farrell (capt), Elliot Daly; George Ford, Ben Youngs; Tom Curry, Sam Underhill, Courtney Lawes; Charlie Ewels, Maro Itoje; Kyle Sinckler, Jamie George, Joe Marler
Replacements: Luke Cowan-Dickie, Ellis Genge, Will Stuart, George Kruis, Lewis Ludlam, Willi Heinz, Ollie Devoto, Jonathan Joseph
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
The years Ramadan fell in May
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
Elvis
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UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Gulf Under 19s final
Dubai College A 50-12 Dubai College B
Play-off fixtures
Two-legged ties to be played November 9-11 and November 12-14
- Northern Ireland v Switzerland
- Croatia v Greece
- Denmark v Ireland
- Sweden v Italy
