Weekend News Roundup - Newsquawk Asia-Pac Market Open

US stocks declined amid a risk-off session on Friday in response to the woeful US jobs report but also as Trump implemented sweeping tariffs, whereby the overall tariffs raised the average US tariff rate to 15.2% from 13.3%, and up from 2.3% before Trump took office. The NFP report came in beneath expectations but the highlight was the two month net revisions of -258k, bringing the 3 month average to just 35k from the prior 150k, seeing traders boost Fed rate cut bets with September now priced at 96% vs sub-50% pre-data, while equities had also faced pressure from the downside in Amazon (AMZN) after earnings too.
OPEC+ said in a statement that eight members are to raise oil output by 547k bpd in September, citing steady global economic and current healthy market fundamentals, while it stated that eight OPEC+ countries are to meet next on September 7th and may discuss returning another layer of cuts of 1.65mln bbls which are in place until end-2026.
Looking ahead, highlights include Japanese Monetary Base & Australian MI Inflation Gauge.

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US TRADE

US stocks declined amid a risk-off session on Friday in response to the woeful US jobs report but also as Trump implemented sweeping tariffs, whereby the overall tariffs raised the average US tariff rate to 15.2% from 13.3%, and up from 2.3% before Trump took office. The NFP report came in beneath expectations but the highlight was the two month net revisions of -258k, bringing the 3 month average to just 35k from the prior 150k, seeing traders boost Fed rate cut bets with September now priced at 96% vs sub-50% pre-data, while equities had also faced pressure from the downside in Amazon (AMZN) after earnings too.
SPX -1.65% at 6,235, NDX -1.96% at 22,763, DJI -1.24% at 43,586, RUT -2.08% at 2,166.
Click here for a detailed summary.

TARIFFS/TRADE

USTR Greer said the trade truce deadline for China is still under discussion.
Canada’s trade envoy LeBlanc said PM Mark Carney and US President Donald Trump are expected to talk “over the next number of days” after a failure by their countries to reach a deal before the Aug. 1st tariff deadline, while LeBlanc plans to speak with US Commerce Secretary Lutnick and still sees a chance to ease Trump tariffs, according to Bloomberg.
Brazil’s Finance Minister Haddad said they will have a meeting with US Treasury Secretary Bessent in the week ahead and will clarify in the meeting how the Brazilian justice system works.

NOTABLE HEADLINES

US President Trump said he would remove Fed Chair Powell in a heartbeat but added that removing Powell would disturb the market, while he stated Powell will most likely stay on as Chair and he will appoint a new Fed Chair once Powell’s term ends in 2026.
Fed’s Williams said he is going into the September meeting with an open mind and stated that modestly restrictive policy is still needed, while he added that the unusually large downward revisions in May and June payroll gains were really the news in the report.
Fed said on Friday that Governor Kugler is resigning from the Fed board, effective August 8th.
US President Trump said on Friday that he was informed the US jobs numbers are being produced by a Biden appointee who faked job numbers before the election to try to boost Kamala Harris’s chances of victory, and he directed his team to fire her immediately.
Apple (AAPL) CEO Cook said he intends to win the AI race and will make the appropriate investments to do so.
Boeing (BA) defence workers are set to strike on Monday after the Co.’s St. Louis employees rejected the latest offer, while Boeing stated that it is prepared for a strike and has fully implemented its contingency plan.

DATA RECAP

US Non-Farm Payrolls (Jul) 73.0k vs. Exp. 110.0k (Prev. 147.0k, Rev. 14k); two month net revisions: -258k (prev. +16k)
US Unemployment Rate (Jul) 4.2% vs. Exp. 4.2% (Prev. 4.1%)
US Average Earnings YY (Jul) 3.9% vs. Exp. 3.8% (Prev. 3.7%, Rev. 3.8%)

OPEC+ said in a statement that eight members are to raise oil output by 547k bpd in September, citing steady global economic and current healthy market fundamentals, while it stated that eight OPEC+ countries are to meet next on September 7th and may discuss returning another layer of cuts of 1.65mln bbls which are in place until end-2026.
Kuwait’s Oil Minister praised the OPEC+ decision to raise output and said the meeting reflects continued coordination among participating countries to ensure the stability of the oil market, while he added that the decision was based on thorough analysis of market data regarding production inventories and future expectations.
Libya’s Sharara oilfield reached its highest production since 2018 at nearly 311k bpd.
Azerbaijan is to export 1.2bcm of gas to Syria each year from BP-led Shah Deniz gas field.

MIDDLE EAST

Hamas said it won’t disarm unless an independent Palestinian state is established. It was separately reported that Hamas’s armed wing said it is ready to respond positively and cooperate with any request from the Red Cross to deliver food to hostages in Gaza, while it added that Israel must stop aerial operations during the delivery of aid to hostages.
Jordan’s armed forces said two armed people were killed after a foiled infiltration attempt through its border with Syria.
Syrian Defence Ministry said an attack by Syrian Defence Forces in the northern city of Mamjib injured four army personnel and three civilians.

RUSSIA-UKRAINE

Russian Defence Ministry said Russian forces captured the village of Oleksandro Kalynove in Eastern Ukraine.
IAEA team at Ukraine’s Zaporizhzhia Nuclear Power Plant heard explosions and saw smoke coming from a nearby location where the plant said one of its auxiliary facilities was attacked.
Ukraine’s military said it struck Russia’s Ryazan oil refinery again.
US President Trump ordered two nuclear submarines to be positioned in the appropriate regions on Friday, "just in case these foolish and inflammatory statements” from Russia's Medvedev are more than just that.
Indian officials said they will continue to buy Russian oil despite threats of additional tariffs from US President Trump’s administration.

OTHER

NOTABLE HEADLINES

UK's FCA proposed a redress scheme for motor finance claims which could cost banks up to GBP 18bln, according to FT.