Speaking at the European Central Bank's forum in Portugal, Fed Chairman Jerome Powell said the US economy and labor market were strong and that they could take the right steps without rushing. He said that significant progress had been made in reducing inflation and that recent data showed that they were on a disinflation path. However, he stressed that they needed more confidence that inflation was moving towards the 2% target.

Eurozone inflation fell to 2.5% annually in June, down from 2.6% in May, according to data published by Eurostat. Monthly inflation was 0.2%.

Asia-Pacific markets were mostly higher on Thursday as Japan's main indexes reached new all-time highs. The Topix closed 0.92% higher at 2,898.47, its highest level since December 1989.

South Korea's consumer inflation rose 2.4% annually in June, falling to an 11-month low as supply-side pressures eased.

The unemployment rate in the US increased, but nonfarm payrolls increased by 206,000 in June, above expectations. Nonfarm payrolls in May were revised from 272,000 to 218,000. The fact that the increase was above expectations but lower than in previous months supported expectations that the Fed may cut interest rates.

Manufacturing activity in the US continued to decline in June. The ISM manufacturing index fell from 48.7 to 48.5, below expectations (49.1). An index below 50 indicates a contraction in the manufacturing sector.

🔸 Gold (Ounce): 2.58%
🔻 DXY: -0.97%
🛢️ Brent Oil: -0.07%
📈 S&P 500: 1.68%
📈 Dow Jones: 0.53%
📈 Nasdaq: 2.93%

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