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Gold Plunges as US NFP Blowout Pushes DXY Above 100
Gold (XAU/USD) tumbled during the North American session on Friday after the US Nonfarm Payrolls report far exceeded expectations, with the prior three months revised upward, boosting the dollar and raising the odds of further Fed tightening.
Dow Jones Drops as Strong Economy Data Revives 'Good News Is Bad News' Reflex
The Dow Jones Industrial Average fell on Friday as strong economic data revived the old market reflex that good news for the economy is bad news for stocks.
Anthropic: AI Writes Over 80% of Its Product Code, Signals Self-Improvement
Anthropic's internal data shows that Claude, its AI model, now writes over 80% of the code for current products, with code volume per engineer growing eightfold in Q2 2025. The company sees signs of approaching recursive self-improvement, though it says the point of no return has not yet been reached.
Bessent: Iran’s Economy Floundering, Military Decimated; Treasury to Cut Shadow Networks
Treasury Secretary Bessent stated that Iran’s economy is floundering and its military decimated, and that the Treasury will continue to sever Iran’s shadow fleet, shadow banking networks, and access to global trade.
Trump Annoyed Stocks Not Rallying After Strong NFP
US President Donald Trump expressed annoyance that the stock market did not rally following a stronger-than-expected May Nonfarm Payrolls report.
Paris Startup C12 Unveils Pick & Place Tech for Carbon-Nanotube Quantum Processors
C12's new Pick & Place method enables micrometer-precision transfer of single nanotubes onto silicon chips, allowing pre-testing and selection of nanotubes before integration. The company says it assembled 50 devices in the past four weeks, compared to an entire year in 2025.
Rabobank: Gradual EU Reset Only Marginally Boosts UK Growth
Rabobank says closer EU-UK ties under Prime Minister Starmer will come via targeted technical agreements that provide only marginal improvement to the UK's growth outlook.
ECB June Forecasts to Include Higher Rate Assumptions, Modest Growth Downgrades – Nomura
Nomura analysts expect the ECB's June macroeconomic projections to incorporate higher market rate assumptions and exclude May HICP data, leading to modest downward revisions to growth forecasts.
Trump Says Strong Jobs Report Should Lift Stocks
Former President Donald Trump argued that a strong jobs report should boost stock markets, rejecting the idea that growth fuels inflation.
US Central Command: USS Tripoli Transits Arabian Sea as Blockade Against Iran Continues
The US Central Command reports that the amphibious assault ship USS Tripoli is transiting the Arabian Sea to support the ongoing blockade against Iran. So far, US forces have redirected 129 commercial vessels and disabled 6 to enforce compliance.
Commerzbank: Conflicting Demand Signals Weigh on Oil Outlook
Commerzbank analysts note that Brent and European gas prices edged up on renewed US-Iran tensions, but muted reactions reflect ample inventories and rerouted supply flows.
U.S. Indices Mixed at Open: S&P 500 and Nasdaq Fall, Dow Edges Higher
At the market open, the S&P 500 dropped 0.69%, the Nasdaq fell 1.20%, while the Dow Jones rose marginally by 0.05%.
US Central Command: Iranian Forces Did Not Attack Navy Warships
The US Central Command denied reports that Iranian forces fired at American warships, stating it would violate a ceasefire. US forces continue to enforce a blockade against Iran.
Commerzbank Warns US Aluminium Supply Strain Risks Demand Destruction
Commerzbank analyst Thu Lan Nguyen reports that US aluminium supply remains tight more than a year after tariffs, with a planned Oklahoma smelter blocked on environmental and ownership grounds, domestic production falling, and high prices and import premiums threatening demand destruction.
US Nonfarm Payrolls Surge to 172K in May, Far Above 85K Forecast
The US economy added 172,000 jobs in May, significantly exceeding the market consensus of 85,000, according to the Bureau of Labor Statistics.
US Nonfarm Payrolls rise by 172K in May vs. 85K forecast
The US added 172,000 jobs in May, sharply beating the 85,000 consensus estimate, according to the Bureau of Labor Statistics.
US Adds 172K Jobs in May, Far Above 85K Forecast
The US economy added 172,000 jobs in May, crushing the consensus estimate of 85,000. The unemployment rate held steady at 4.3%, with April's payrolls revised up by 64,000.
ING: Oil Inventory Decline Tightens Supply Outlook, Persian Gulf Flow Optimism Overstated
ING analysts Warren Patterson and Ewa Manthey say that oil is trading on overly optimistic expectations of resumed Persian Gulf flows, given stalled US-Iran talks and declining inventories that tighten the supply outlook.
Gold Demand Expected to Fall 2% in 2026 as Investment Rise Offsets Weaker Jewellery
According to Commerzbank citing Metals Focus, total gold demand is forecast to decline 2% in 2026, as weaker jewellery and central bank purchases are partly offset by stronger investment in bars and coins.
India Q1 GDP Grows 7.8% YoY, Beats Estimates
India's Q1 GDP expanded at 7.8% year-on-year, exceeding market expectations. The stronger-than-expected reading may influence the Indian Rupee and RBI policy outlook.
Rosneft CEO Sechin: No Country Can Replace Lost Middle East Oil; Warns $150 if Hormuz Closed
Rosneft CEO Igor Sechin stated that no country, including the US, can replace oil supply lost due to the Middle East crisis, and warned that oil prices could reach $150 per barrel if the Strait of Hormuz is closed.
Silver Falls 1.37% to $72.87 on Friday
Silver prices declined on Friday, dropping 1.37% to $72.87 per troy ounce, according to FXStreet data.
US Growth Holds as Inflation Surprises – Danske Bank
Danske Bank reports US economic growth slowed at the start of 2026 but remains more resilient than expected, while inflation delivers a surprise.
Brent Falls on US-Iran Hopes, Eases Inflation Fears
Deutsche Bank strategists note that Brent oil has reversed gains as hopes for a US-Iran deal ease stagflation concerns and lower inflation expectations.