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The Australian Competition and Consumer Commission (ACCC) has announced that Amazon (AMZN.O) is facing court proceedings for allegedly using unfair contract terms to place ads on Prime Video.The United States Trade Representative (USTR) welcomes the progress made by Switzerland; we are working to finalize a trade agreement with Switzerland.On June 30, the Swiss government issued a statement announcing that it had signed a joint statement with the United States last year aimed at stabilizing bilateral trade relations. As part of ongoing tariff negotiations with the US, the Federal Council recently released a statement of intent outlining how it will implement the specific commitments made in the previous joint statement. In addition to lowering import tariffs on some US goods following the signing of the statement, the Council plans to take further measures to implement the relevant agreements. These measures include simplified recognition of US standards in the areas of conformity assessment bodies, medical devices, passenger cars, and government procurement. The Council will implement these measures by revising regulatory rules. The implementation of these measures aligns with the objectives set forth in the joint statement and is consistent with the mandate for negotiations with the US. The Council also expects the US to fulfill its commitments in the same way. This announcement will further contribute to stabilizing bilateral economic relations between Switzerland and the United States and provide Swiss exporters with greater planning certainty. Negotiations on a legally binding trade agreement are still ongoing.Rokae Robotics announced on the Hong Kong Stock Exchange that it plans to issue 23.03 million H shares (subject to the exercise of the over-allotment option) in Hong Kong, priced at HK$38 per share, with trading expected to commence on July 9.The Democratic Republic of Congo has reported 1,307 confirmed cases of Ebola, with 377 deaths.

S&P 500 Index, NASDAQ Composite Attempting to Recover from Knee-jerk Reaction to Hot Labor Market Report

Florala Chen

Dec 05, 2022 15:43



As traders attempt to recover earlier losses, the tech-heavy NASDAQ Composite and the benchmark S&P 500 Index are down late in trading on Friday but still much above their intraday lows.


As investors changed their bets in anticipation of a more hawkish-than-expected Federal Reserve response to a positive U.S. job market report, U.S. stocks declined and U.S. Treasury yields increased.


The November Non-Farm Payrolls report, which showed employers increasing wages amid worries of a recession and hiring more people than anticipated in November, is the driving force behind the price movement.


The blue-chip Dow Jones Industrial Average is currently trading at 34294.50, down 100.51 or -0.29%, at 19:00 GMT. The NASDAQ Composite Index is trading at 11394.84, down 87.61 or -0.76%, and the S&P 500 Index is at 4054.08, down 22.49 or -0.55%.

Jobs Hotter Than Expected Report

In contrast to economists' predictions of 200,000 jobs, the U.S. Labor Department reported that nonfarm payrolls expanded by 263,000 jobs last month. Additionally, average hourly wages rose by 0.6% from 0.5% in October. Traders have a 0.3% increase factored in. The Unemployment Rate, the report's lone positive point, remained constant at 3.7% even though the Fed would have preferred an increase.


According to the data, employers appear unconcerned about rising interest rates. They must first believe they need the people, and they must also be sure they can turn a profit even in an environment with rising interest rates.

Leading the Job Gains Were the Leisure and Hospitality Sectors

According to the report's internal statistics, the industry that added the most jobs, 88,000, was leisure and hospitality. Since consumers are traveling and dining out after being quarantined due to the pandemic, this is not really surprising.


Surprisingly, the building sector generated 20,000 jobs as well, despite the housing sector suffering from four straight rate rises of 0.75 percentage points.

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