Market developments
Equities: U.S. equities surged to their highest levels since February, with the S&P 500 advancing 1% to reach the 6,000 mark, driven by stronger-than-expected employment data and growing optimism around U.S.-China trade relations. The May jobs report showed non-farm payrolls increased 139,000, narrowly exceeding the Bloomberg consensus estimate of 126,000, which helped alleviate concerns about an imminent economic slowdown that had been weighing on investor sentiment.
Fixed Income: Treasury markets experienced a sharp selloff following the robust jobs data, with the 10-year Treasury yield climbing 11 basis points to 4.50%, marking its highest level since May 29.
Commodities: Oil prices posted their largest weekly gain since November, with West Texas Intermediate climbing almost 2% to settle above US$64 a barrel. The stronger-than-expected U.S. jobs data eased concerns about demand deterioration from an economic slowdown, while optimistic signals on U.S.-China trade negotiations provided additional support.