Overnight US stocks | Three major indexes fell, while Tesla, Inc. (TSLA.US) rose by 3.64%.

On Friday, the three major indexes fell. Weak August non-farm payrolls data reinforced the market's bet on a rate cut in September, but also sparked concerns about a slowdown in the US economy. The three major US stock indexes had mixed performances this week, with the Dow Jones falling by 0.32%, the Nasdaq rising by 1.14%, and the S&P 500 rising by 0.32%. [US Stocks] At the close, the Dow Jones fell by 220.43 points, or 0.48%, to 45400.86 points; the Nasdaq fell by 7.31 points, or 0.03%, to 21700.39 points; the S&P 500 fell by 20.58 points, or 0.32%, to 6481.50 points. Broadcom Inc. (AVGO.US) rose by 9.41%, and Tesla, Inc. (TSLA.US) rose by 3.64%. The Nasdaq Golden Dragon Index rose by 1.16%, Baidu Inc Sponsored ADR Class A (BIDU.US) rose by nearly 4%, and Alibaba Group Holding Limited Sponsored ADR (BABA.US) rose by 3.57%. [European Stocks] European stocks closed collectively lower. The Euro Stoxx 50 index fell by 0.47%, the UK FTSE 100 index fell by 0.05%, the French CAC 40 index fell by 0.31%, the German DAX 30 index fell by 0.73%, and the Italian FTSE MIB index fell by 0.91%. [Crude Oil] At the close on that day, the price of light crude oil futures for delivery in October on the New York Mercantile Exchange fell by $1.61 to $61.87 per barrel, down by 2.54%; the price of Brent crude oil futures for delivery in November fell by $1.49 to $65.50 per barrel, down by 2.22%. [Forex] The US Dollar Index, which measures the dollar against six major currencies, fell by 0.59% to close at 97.765 in the fx market. At the close of the New York forex market, 1 euro exchanged for $1.1719, higher than the previous trading day's $1.1644; 1 pound exchanged for $1.3509, higher than the previous trading day's $1.3426. 1 US dollar exchanged for 147.36 yen, lower than the previous trading day's 148.56 yen; 1 US dollar exchanged for 0.7982 Swiss francs, lower than the previous trading day's 0.8063 Swiss francs; 1 US dollar exchanged for 1.3848 Canadian dollars, higher than the previous trading day's 1.3829 Canadian dollars; 1 US dollar exchanged for 9.3851 Swedish kronor, lower than the previous trading day's 9.4732 Swedish kronor. [Cryptocurrencies] Bitcoin rose by 0.2% to $110911.82, and Ethereum rose by 0.46% to $4317.77. [Metals] US job data strengthens rate cut expectations, spot gold breaks $3600 for the first time. The latest US non-farm payrolls data is likely to be a decisive factor for the Fed's rate cut decision at its next meeting in two weeks. Gold prices continued to rise, with spot gold breaking through $3600 per ounce. The US Labor Department's report released on Friday showed a gain of 22,000 jobs in August, lower than the expected 75,000 by economists. Analyst Barbara Lambrecht from Deutsche Bank Research Institute said, "Gold has finally broken through the upper limit of the trading range of the past few months." Concerns about the Fed's independence and increased geopolitical risk from GEO Group Inc have also provided support for this round of gains. Following a 27% rise in 2024, gold has surged more than 37% so far this year, driven mainly by a weaker dollar, central bank gold purchases, a loosening monetary policy environment, and increased political and economic uncertainty from GEO Group Inc. Independent metal trader Tai Wong said, "Gold is hitting new highs, with bulls focusing on the obvious weak trend in employment turning into multiple rate cuts. In the short to medium term, labor market concerns outweigh inflation concerns, undoubtedly bullish for gold. But unless there is a major market misalignment, I believe the price of gold is still far from $4000." [Macroeconomic News] US August non-farm payroll growth moderate, unemployment rate at highest level since 2021. US job growth in August slowed markedly, with the unemployment rate reaching its highest level since 2021, raising concerns about a potentially more serious deterioration in the labor market. A report released by the US Bureau of Labor Statistics on Friday showed that non-farm payrolls increased by 22,000 in August. Revised data showed a contraction in employment in June, the first such contraction since 2020. These data may intensify concerns about the persistence of the job market after the shocking report in July. In recent months, job growth has slowed significantly, job vacancies have decreased, and wage growth has slowed, all putting pressure on broader economic activity. Traders continue to bet that the Fed will cut rates at its September meeting. Policymakers will also see the latest CPI report before the meeting. Fed Chair Nominee Shortlisted to Three, Trump Reaffirms Support for Hassett. US President Trump said on Friday that he is considering appointing White House National Economic Council Director Hassett to another position. Trump said he already knows who will be chosen as the Fed chairman, and Hassett is one of three possible candidates. However, he refused to acknowledge that he would choose Hassett as the Fed chair. Trump said that US Treasury Secretary Benson was the fourth choice for the Fed chair and now there are three left. Wash and Wall are other potential candidates. Trump's Manufacturing Revival Plan Hits Snags, Job Data Continues to Decline. US President Trump's promised manufacturing revival plan seems to be reversing course. Data released by the US Bureau of Labor Statistics on Friday showed that manufacturing employment fell for the fourth consecutive month in August, with a decrease of 12,000 jobs compared to the previous month, marking the longest continuous decline since 2020. Over the past year, the industry has lost nearly 80,000 jobs. Weakness in manufacturing reflects a broader slowdown in the job market, which economists describe as a "low hiring, low firing" environment. Cracks are beginning to show: last month, the US added only 22,000 jobs, and the unemployment rate rose to its highest level since 2021. This soft manufacturing data has put the White House, which promised to revive industry, in an embarrassing position. In his inauguration speech, Trump vowed that under his economic agenda, "America will once again be a manufacturing powerhouse." While Trump has prepared a comprehensive tariff plan, he has called on Americans to be patient, saying that there may be short-term pain to endure, but the long-term rewards are worth it. Fed's Gursbi: Rate Policy Depends on CPI Data. Chicago Fed President Gursbi said he has not yet decided on what policy action to support at the September 16-17 Fed meeting and emphasized the need to refer to next week's inflation data. "I want more information. As the meeting approaches, I still remain open," Gursbi said in an interview on Friday. "We must also focus on the performance of inflation." "The milder the inflation data, the more at ease I can focus on the labor market," Gursbi said. "But recent inflation reports show a rebound in prices in the service sector, so we need to confirm that this is just a temporary fluctuation and not a more serious sign." US Treasury Secretary Criticizes Fed Independence Crisis, Calls for Independent Review. US Treasury Secretary Benson harshly criticized the Fed for jeopardizing its independence due to "mission creep" and called for an independent review, including of its monetary policy. In a commentary article published in foreign media on Friday, Benson said, "The core of independence is credibility and political legitimacy, both of which have been undermined by the Fed's overreach." This article expands on Benson's consistent assertion that the Fed has conducted a "mission creep" in its monetary policy. He criticized the Fed for injecting excessive stimulus through quantitative easing and excessive regulation of the banking system after the 2007-09 financial crisis. Benson said, "Unconventional policies like quantitative easing should only be used in a true emergency situation in coordination with other federal government departments." After repeatedly calling on Fed Chair Powell to conduct an internal review of non-monetary policy functions, Benson expanded the idea of an investigation of the Fed. He stated, "There must also be an honest, independent, nonpartisan review of the entire institution, including monetary policy, regulation, communication, staffing, and research." Economists: Bank of Canada Rate Cut Decision may Depend on Next Inflation Report. The latest data shows that the Canadian labor market continues to deteriorate - about 100,000 jobs have been lost in the past two months. Charles St-Arnaud, an economist at the Bank of Canada, pointed out that while there are signs that overall economic activity is no longer deteriorating, there is also no strong rebound, and industries affected by US tariffs may continue to struggle. This means that the labor market may remain weak, with more job losses in the coming months. The economist said that the degree of weakness in the economy beyond expectations increases the likelihood of a rate cut in September, but the final decision may still depend on the latest inflation data released on the day before the Bank of Canada policy meeting on September 17. Details of US-Japan Trade Agreement Revealed: $550 Billion Investment to be Determined by Trump, Japan Given 45-Day Deadline to Implement. According to the Financial Times, as part of an agreement to avoid high tariffs, Japan has agreed to allow Trump to determine the direction of its $550 billion capital investment in the US. A document effective when Trump officially signed the trade agreement on Thursday also stipulates that Japan only has a 45-day deadline to allocate funds for projects designated by Trump, or face penalties of resuming high tariffs. This special provision agreed upon by Trump and Japan highlights the extraordinary cost that US trading partners are willing to pay to avoid high tariffs. US exports to Japan were originally subject to a 25% tariff, which the new agreement reduces to 15%. The memorandum stipulates that the Investment Committee, chaired by US Commerce Secretary Lutnick, submit potential investment projects, and the final decision-making power belongs to Trump. The document also requires the Investment Committee to select Japanese suppliers for investment projects to "provide goods and services". [Stock News] Trump Criticizes EU for $35 Billion Fine against Alphabet Inc. Class C (GOOG.US, GOOGL.US), Threatens to Launch 301 Investigation. US President Trump posted on social media, "Europe today 'attacked' outstanding American companies again, imposing a $35 billion fine on Alphabet Inc. Class C, funds that could have been invested in the US for jobs and employment are forcibly taken away. This fine is the latest move targeting Alphabet Inc. Class C and other American tech companies with multiple fines and taxes, extremely unfair! US taxpayers will never tolerate such behavior. As I have emphasized before, this administration will not tolerate such discriminatory behavior. Take Apple Inc. for example, they were forced to pay a $170 billion fine, in my opinion, this fine should not even exist, they should recover the money! We cannot let this injustice against American excellence innovation continue. If the situation does not change, I will be forced to launch a 301 clause procedure to repeal these unfair penalties on taxpaying American companies." Qualcomm CEO Admits Intel Corporation Chip Manufacturing Technology Does Not Meet Standards. Qualcomm (QCOM.US) CEO Cristiano Amon said that Intel Corporation's (INTC.US) current manufacturing technology does not meet the supplier standards of smartphone processor manufacturers. Amon said on the show that if Intel Corporation can improve its manufacturing process to produce more energy-efficient chips, Qualcomm would consider working with them. "Intel Corporation is not our choice at the moment," Amon admitted. "But we hope to include them in our choices in the future." The CEO announced that Qualcomm will continue to cooperate with existing contract manufacturers Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR and Samsung Electronics. As a chip design company, Qualcomm, like many other companies in the industry, uses an outsourced manufacturing model. While the former global chip giant Intel Corporation is trying to reverse its decline by attracting external customers like Qualcomm, it is also maintaining its own chip manufacturing business.