MTS Help Center

• The U.S. dollar rose broadly on Friday as U.S. job growth surged in August, but investors remained jittery about a possible escalation of the U.S.-Chinese trade conflict as U.S. President Donald Trump threatened China with more tariffs.

The U.S. dollar index, which tracks the greenback against a basket of currencies, was at 95.370 as of 8:12 a.m. HK/SIN, off its high from last Friday.

The Japanese yen strengthened slightly against the greenback at 110.96, while the Australian dollar also saw a mild gain at $0.7114, as of 8:10 a.m. HK/SIN.

• Strengthening wage growth underscores tight labour market conditions and cements the likelihood of a third interest rate increase from the Federal Reserve this year when policymakers meet on Sept. 25-26.

• The Federal Reserve should keep raising U.S. interest rates in light of Friday’s strong jobs report, Dallas Fed President Robert Kaplan said on Friday.

The Federal Reserve should keep raising U.S. interest rates until mid-2019, and only then needs to take a decision on when it ought to stop, Dallas Fed President Robert Kaplan suggested on Friday.

• Continued job growth and the fastest wage increases in nearly a decade leave the Federal Reserve’s current plans for interest rate increases intact, with no sign the economy is yet overheating, Cleveland Fed President Loretta Mester said on Friday.

• Nonfarm payrolls surged by 201,000 jobs last month, boosted by hiring at construction sites, wholesalers and professional and business services, the Labor Department said. There were also gains in transportation and healthcare employment.

Average hourly earnings increased 0.4 percent, or 10 cents in August after rising 0.3 percent in July. That raised the annual increase in wages to 2.9 percent in August, the largest gain since June 2009, from 2.7 percent in July.

The unemployment rate was unchanged at 3.9 percent. Economists polled by Reuters had forecast nonfarm payrolls increasing by 191,000 jobs last month and the unemployment rate falling to 3.8 percent. The economy created 50,000 fewer jobs in June and July than previously reported.

Job gains in August were almost across all sectors, though manufacturing payrolls fell by 3,000. That was the first drop in 13 months and followed an increase of 18,000 in July. Employment at motor vehicle plants fell nearly 5,000, accounting for the bulk of the drop in manufacturing payrolls.

• U.S. President Donald Trump warned on Friday he was ready to slap tariffs on virtually all Chinese imports into the United States, threatening duties on another $267 billion of goods on top of $200 billion in imports primed for levies in coming days.

“The $200 billion we are talking about could take place very soon depending on what happens with them. To a certain extent it’s going to be up to China,” Trump said. “And I hate to say this, but behind that is another $267 billion ready to go on short notice if I want. That totally changes the equation.”

The $200 billion list, which includes some consumer products such as cameras and recording devices, luggage, handbags, tires and vacuum cleaners, would be subject to tariffs of 10 percent to 25 percent.

Cell phones, the biggest U.S. import from China, have so far been spared, but would be engulfed if Trump activates the $267 billion tariff list.

Earlier on Friday, White House economic adviser Larry Kudlow told Bloomberg Television the administration would evaluate public comments before making decisions on the $200 billion tariff list.

• China’s trade surplus with the United States widened to a record in August even as the country’s export growth slowed slightly, an outcome that could push President Donald Trump to turn up the heat on Beijing in their cantankerous trade dispute.

The politically sensitive surplus hit $31.05 billion in August, up from $28.09 billion in July, customs data showed on Saturday, surpassing the previous record set in June.

• U.S. President Donald Trump said on Friday the United States and Japan have begun discussion over trade, saying that Tokyo “knows it’s a big problem” if an agreement cannot be reached, and that India has also asked to start talks on a trade deal.

• Canada must end its low-price milk proteins policy to reach a U.S.-Canadian deal to update the North American Free Trade Agreement, U.S. Agriculture Secretary Sonny Perdue said.

Canada has encouraged overproduction and flooded export markets for milk proteins used in cheese and yogurt, hurting U.S. dairy farmers, Perdue said in an interview aired on Sunday on C-SPAN television.

• U.S. President Donald Trump said on Friday a letter from North Korean leader Kim Jong Un, which he believes will be positive, is on its way to him, a day after expressing fresh optimism about a denuclearization deal.

• North Korea leader Kim Jong Un told an envoy of Chinese president Xi Jinping that North Korea is upholding the denuclearisation agreement it reached with the United States this year, China’s state broadcaster said.

• Chinese parliament chief Li Zhanshu, who is in Pyongyang for celebrations marking 70 years since the founding of North Korea, was told by Kim that North Korea hopes the United States keeps to its side of the agreement, Chinese state broadcaster CCTV reported.

• With no long-range missiles on display, North Korea staged a military parade on Sunday focused on conventional arms, peace and economic development as it marked the 70th anniversary of the country’s founding.

• Venezuela’s foreign minister accused the United States of seeking an intervention and supporting military conspiracies, following a report U.S. officials had met with Venezuelan military officers to discuss a coup plot.

The Trump administration held secret meetings with rebellious military officers over the last year to discuss their plans to overthrow President Nicolas Maduro, the New York Times reported nyti.ms/2MceKbj on Saturday.

• Venezuela on Saturday eased 15-year-old currency controls, decreeing that private banks and exchange houses are allowed to sell dollars, but economists are skeptical the measure will improve the dysfunctional and crisis-stricken economy.

• Russia will spend about 10 billion roubles ($143 million) on its car demand support program in 2019, Industry and Trade Minister Denis Manturov was quoted as saying by the TASS news agency on Saturday.

• U.S. Energy Secretary Rick Perry will meet his counterparts from Saudi Arabia and Russia starting on Monday, sources familiar with the matter said, as the Trump administration encourages oil-producing countries to keep output up two months before it is due to renew sanctions on Iran’s crude exports.

• Perry will meet Khalid al-Falih, Saudi Arabia’s energy minister, and other officials from the kingdom, the world’s largest oil exporter, in Washington on Monday morning, a U.S. government source said.

The U.S. energy secretary will also meet with Russian Energy Minister Alexander Novak on Thursday in Moscow, according to the U.S. source and a diplomatic source said.

• Oil prices fell on Friday for the third straight session, weighed down by a strong dollar, weakness in the equity markets, and Tropical Storm Gordon’s smaller-than-expected impact on U.S. Gulf Coast oil production.

Brent crude futures were down 30 cents at $76.20 a barrel by 12:16 p.m. EDT (1616 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 49 cents to $67.28 per barrel.

For the week, WTI was set to lose more than 3.5 percent, and Brent was on track to fall 1.6 percent.

• China’s crude oil imports rose 6.5 percent in August from a month earlier to their highest since May, boosted by a rebound in demand from smaller, independent refiners, customs data showed on Saturday.

Reference: CNBC, Reuters