Australia Unemployment Rate Hits 4.5% as Jobs Fall in July 
US Plans ‘Toughest Sanctions in History’ on Iran, Bessent Says 
Asian Currencies Rise as Dollar Weakens, Treasury Yields Climb 
India PMI Rises as Services Offset Manufacturing Slowdown 
UK Budget Swings to Surprise £1.8 Billion Deficit in July 
South Korea Producer Prices Fall 0.4% in July 
Gold Prices Hit Three-Month High as Dollar Weakens 
China opens new Arctic trade route – but obstacles will prevent its wider use 
US Debt Tops $40 Trillion as Global Borrowing Costs Surge 
Wall Street Gains as Treasury Yields Fall, Fed Minutes Signal Inflation Risks 
US Dollar Hits Three-Month Low as Treasury Yields Fall 
Japan Inflation Rises, Boosting BOJ Rate Hike Bets 
Gold Holds Above $4,500 as Dollar Weakens 
Fed Minutes Signal Rate Hikes Remain Possible as Inflation Risks Persist 
Asian Currencies Steady as Dollar Weakens After Treasury Bond Buybacks 
US Dollar Heads for Worst Week Since July as Fiscal Concerns Mount 
Oil Prices Climb as US-Iran Hormuz Tensions Rattle Markets 
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Wall Street closed higher on Friday as gains in materials and cryptocurrency-related stocks helped offset renewed pressure from rising U.S. Treasury yields and elevated oil prices.
The S&P 500 gained 0.4% to finish at 7,674.39, while the Nasdaq Composite also rose 0.4% to 26,180.46. The Dow Jones Industrial Average outperformed, climbing 1% to 53,276.81. Despite Friday’s rebound, all three major indexes recorded weekly losses, with the S&P 500 down 1.4%, the Nasdaq falling 2.1%, and the Dow losing 0.9%.
Bond market volatility remained a key concern. The 30-year Treasury yield recently reached a 19-year high of 5.337%, while the 10-year yield hit a 52-week peak of 4.748%. On Friday, the 30-year yield rose to 5.273% and the 10-year yield climbed to 4.733%.
The Treasury Department attempted to ease pressure by increasing planned repurchases of long-dated government debt to at least $4 billion from $2 billion. Treasury Secretary Scott Bessent later indicated that buybacks could exceed $4 billion. However, concerns over inflation, higher oil prices and U.S. government debt surpassing $40 trillion continued to weigh on bonds.
Stocks received support from the S&P 500 materials sector, which jumped 2.2% as copper prices remained near record levels. London Metal Exchange copper settled at $14,036.50 per ton, while COMEX copper futures advanced 1.8% to $6.5823 per pound.
Crypto stocks also surged as Bitcoin and other digital assets extended their rally. Robinhood shares jumped 13.7%, while Coinbase gained 8.2%, placing both among the S&P 500’s strongest performers.
Economic data provided another boost. S&P Global’s flash U.S. business activity index climbed to 56.0 in August from 54.5 in July, beating expectations of 54.0 and marking the fastest expansion since April 2022.
Meanwhile, Middle East tensions kept energy markets elevated. Brent crude rose 0.2% to $93.92 per barrel and was headed for a weekly gain exceeding 5% as the U.S.-Iran standoff over the Strait of Hormuz continued.
Investors will now turn their attention to the Jackson Hole Economic Policy Symposium for fresh signals on the Federal Reserve’s interest-rate outlook.
