European markets dived on Friday after data showed the slowest pace of US job growth in more than five years, dashing expectations that the US Federal Reserve could raise interest rates this month.
US nonfarm payrolls rose by just 38,000 last month, the smallest gain since September 2010 and far below an expected 164,000.
All 105 economists polled by Reuters had expected a higher number.
Wall Street’s top banks unanimously expect the Fed to leave rates unchanged when its policymakers meet this month in the wake of the US jobs report, results of a Reuters poll showed on Friday.
“This monthly report and the revisions to the past few months show that the labor market is not nearly as strong as many believed, so I think it takes June off the table,” said Chris Gaffney, president of EverBank World Markets in St Louis.
US shares pared losses, but still ended lower, while European stocks reversed gains.
Europe’s auto sector index ended 2.3 percent lower as the euro rallied against the US dollar.
MSCI’s all-country world equity index was last up 1.38 points, or 0.34 percent, at 403.87.
Europe’s broad FTSEurofirst 300 index closed 0.85 percent lower at 1,339.47 after gaining about 0.7 percent before the US data.
“The Fed rhetoric, which pushed hard to convince the market that they will move in the coming few meetings, just hit a wall,” said Marvin Loh, global markets strategist at BNY Mellon in Boston.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
Among the rows of vibrators, rubber torsos and leather harnesses at a Chinese sex toys exhibition in Shanghai this weekend, the beginnings of an artificial intelligence (AI)-driven shift in the industry quietly pulsed. China manufactures about 70 percent of the world’s sex toys, most of it the “hardware” on display at the fair — whether that be technicolor tentacled dildos or hyper-realistic personalized silicone dolls. Yet smart toys have been rising in popularity for some time. Many major European and US brands already offer tech-enhanced products that can enable long-distance love, monitor well-being and even bring people one step closer to
RECORD-BREAKING: TSMC’s net profit last quarter beat market expectations by expanding 8.9% and it was the best first-quarter profit in the chipmaker’s history Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), which counts Nvidia Corp as a key customer, yesterday said that artificial intelligence (AI) server chip revenue is set to more than double this year from last year amid rising demand. The chipmaker expects the growth momentum to continue in the next five years with an annual compound growth rate of 50 percent, TSMC chief executive officer C.C. Wei (魏哲家) told investors yesterday. By 2028, AI chips’ contribution to revenue would climb to about 20 percent from a percentage in the low teens, Wei said. “Almost all the AI innovators are working with TSMC to address the
FUTURE PLANS: Although the electric vehicle market is getting more competitive, Hon Hai would stick to its goal of seizing a 5 percent share globally, Young Liu said Hon Hai Precision Industry Co (鴻海精密), a major iPhone assembler and supplier of artificial intelligence (AI) servers powered by Nvidia Corp’s chips, yesterday said it has introduced a rotating chief executive structure as part of the company’s efforts to cultivate future leaders and to enhance corporate governance. The 50-year-old contract electronics maker reported sizable revenue of NT$6.16 trillion (US$189.67 billion) last year. Hon Hai, also known as Foxconn Technology Group (富士康科技集團), has been under the control of one man almost since its inception. A rotating CEO system is a rarity among Taiwanese businesses. Hon Hai has given leaders of the company’s six