Higher world stocks…US jobs report
TOKYO (AP) – Global shares have risen amid mixed signs for investors such as rising energy prices and COVID-19 restrictions easing in China. Shares in France and Germany were higher in early trading, but markets were closed in Britain and China for national holidays. Benchmarks finished higher in Tokyo, Sydney and Seoul. Market players are closely watching for U.S. non-farm employment data later in the day and a slew of economic data on Japan next week. The OPEC meeting, in which oil-producing nations decided to boost some output, proved disappointing.
WASHINGTON (AP) – Economists estimate that the nation added a solid 325,000 jobs last month, down from 428,000 in both March and April. If so, that would snap a record-breaking streak of 12 straight months in which job growth had topped 400,000. The unemployment rate is expected to slip to 3.5% – matching a half-century low – from 3.6%. The May jobs report the government will issue this morning coincides with inflation near a four-decade high.
TOKYO (AP) – Executives of Japanese energy and electronics giant Toshiba say they see taking the company private as an option. Speaking today in an online news conference, they defended their efforts to choose the right bidder to restore what they called “a strong Toshiba.” The company has not given the nationalities or other details of 10 potential investor partners, including eight that have recommended that Toshiba go private.
DENVER (AP) – Frontier Airlines is sweetening its offer for Spirit Airlines just a week before Spirit shareholders vote on the deal. Spirit and Frontier said late Thursday that they have amended their agreement, and Frontier will pay a $250 million termination fee if it can’t complete the deal. JetBlue, which is also trying to buy Spirit, has already offered a $200 million breakup fee.
ANKARA, Turkey (AP) – Official data show annual inflation in Turkey hit 73.5% in May as a cost-of-living crisis in the country deepens. The Turkish Statistical Institute reports that the inflation rate represents an increase of almost 70% from the month before and is the highest since 1998. While many countries are seeing a rise in consumer prices, critics blame Turkey’s problems on the economic policies of the country’s president.