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Wall Street ends the week with strong gains after solid NFP data and news of potential trade talks between China and the USA (S&P 500: +1.4%, Nasdaq: +1.6%, DJIA: +1.3%, Russell 2000: +2.3%)
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S&P 500 gains for the 9th session in a row, marking the longest winning streak since 2004.
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Apple (AAPL.US) is the only Magnificent 7 company losing today, down 3.5% after reports that tariffs will weigh on about $900 million in revenue this quarter. Revenue from China fell to $16 billion, more than expected.
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Beijing is considering cooperation on fentanyl-related chemical controls as a way to ease tensions with the USA and restart trade talks. This move may signal a diplomatic opening amid ongoing trade and political disputes.
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Tariff revenue in the USA totaled $17.4 billion in April — nearly double March’s figure — ahead of a wave of new tariffs on Liberation Day.
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NFP employment beat market consensus (current: 177K; forecast: 138K; previous: 185K). The data contradicts the recent ADP report (well below expectations) and the general belief that Donald Trump’s chaotic trade policy could weigh on employers' outlook and hiring.
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Gains are supported by three main factors. First, hopes for easing relations between the USA and China. Second, strong NFP labor market data. And third, solid quarterly results on Wall Street.
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A 12.9% y/y rise in earnings alongside just a 4.5% increase in revenue points to a significant improvement in operating margins among U.S. corporations. The 74.5% beat rate suggests analysts continue to underestimate companies' adaptability amid the ongoing tariff war.
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Eurozone — April manufacturing PMI data: actual: 49.0; forecast: 48.7; previous: 48.6.
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The main PMI index is approaching the neutral level of 50 and suggests that the industrial sector is gradually emerging from a nearly three-year-long recession. For the second month in a row, producers have increased output.
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Indices in Europe closed Friday in the green.
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On the forex market: the dollar is once again depreciating against all G10 currencies (USDIDX: –0.3%). The Antipodean currencies are gaining the most (AUDUSD: +1%, NZDUSD: +0.8%). The Canadian dollar is rising after a Trump–Carney call was scheduled for next week (USDCAD: –0.4%). EURUSD recovers losses from the start of the session, gaining 0.2% to 1.131.
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Bitcoin is gaining 1.00% today to 97,500 USD, Ethereum is up 0.72% to 1,850 USD, and the total capitalization of other projects is gaining 0.25%.
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In the crypto market, sentiment is optimistic amid a rebound in traditional financial markets and positive fundamental developments.
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