Emerging-Market Currencies Gain as Traders See Rate Cuts Ahead

US stocks experienced small gains on Thursday, buoyed by stronger-than-expected jobs data, which did not alter expectations for a Federal Reserve rate cut next week. Meta's stock surged due to budget cuts, reflecting a positive response from investors.

Treasuries experienced a decline as new jobless claims in the US unexpectedly fell to their lowest level since 2022, indicating a tightening labor market ahead of the Federal Reserve's upcoming rate decision. This drop in claims suggests that employers are retaining workers despite economic uncertainties.

US equity futures are maintaining gains as discussions arise regarding Treasury Secretary Scott Bessent potentially leading the National Economic Council alongside his current role, contingent on President Trump's expected nomination of Kevin Hassett as the next Federal Reserve chair. This development comes amid ongoing labor market data analysis.

European stocks rose on optimism that the Federal Reserve may cut interest rates, driven by indications of a slowdown in the US labor market. This sentiment reflects a broader trend of positive market reactions to potential monetary easing.

Silver prices have remained near an all-time high following the release of US payroll data, which has strengthened expectations for an interest rate cut by the Federal Reserve in its upcoming policy meeting. Gold prices showed little change during this period.

Asian stocks opened higher, reflecting gains in US markets as new data indicated a slowing job market, bolstering expectations for a Federal Reserve interest rate cut next week.

Gold prices have extended their gains following the release of weaker U.S. private payroll data, which has bolstered expectations for a potential interest rate cut by the Federal Reserve in December. This development reflects a growing sentiment among investors who are reacting to the labor market's performance.

Treasury Secretary Scott Bessent is under pressure to deliver a compliant candidate for the Federal Reserve chair position, as President Trump demands swift action to lower interest rates. Bessent's choice could significantly impact monetary policy and the administration's economic strategy.