SHANGHAI, Jul 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.

The closely-watched monthly US nonfarm payroll report showed that a record 4.8 million jobs were created in June and the unemployment rate fell to 11.1%, which beat expectations and lifted market sentiment, boosting stocks and oil prices while depressing the US dollar.

The Dow Jones Industrial Average closed 92.39 points higher, or 0.4%, at 25,827.36. The Nasdaq Composite hit a record high, climbing 0.5% to 10,207.63. The S&P 500 also gained 0.5% to end the day at 3,130.01.

Positive news around a potential coronavirus vaccine also helped elevate investor sentiment, while a sharp drop in US crude stockpiles contributed to the gains in oil prices.

The dollar index, which tracks the greenback against basket of its peers, slipped to its lowest in more than a week at 96.790 before recouping those losses on the resurgence of US coronavirus cases and raised concerns the US economy would give back the summer’s employment gains.

The US Labor Department reported on Thursday that US nonfarm payrolls increased by 4.8 million jobs in June, the most since the government started keeping records in 1939. Payrolls rebounded 2.699 million in May. Economists had forecast payrolls increasing by 3 million jobs in June. The unemployment rate fell to 11.1% from 13.3% in May. Economists were expecting a rate of 12.4%.

A separate report from the Labor Department, however, showed that initial US jobless claims rose by 1.427 million in the week ending June 27. Economists expected initial jobless claims to rise by another 1.38 million, down from 1.48 million the week earlier. The data also showed the number of continuing claims — the number of people receiving unemployment benefits for consecutive weeks — rose to 19.29 million, an increase of about 59,000.

On the coronavirus front, a study of a coronavirus vaccine candidate being developed by Pfizer and BioNTech had reportedly shown potential in early-stage human trials. The results were released online, but have not been reviewed by a medical journal yet.

US crude inventories fell 7.2 million barrels from a record high last week, far more than analysts had expected, showed US Energy Information Administration data released Wednesday, as refiners ramped up production and imports eased.

In Europe, the eurozone unemployment rate in May came in at 7.4%, up from 7.3% in April as the region grappled nationwide lockdowns in a bid to contain the pandemic.

LME base metals, except for zinc and lead, closed higher on Thursday, though their gains were no more than 0.7%. Tin rose nearly 0.7% to lead the gains, copper climbed 0.6%, nickel advanced 0.5%, aluminium inched up 0.03%, while zinc dipped 0.1% and lead fell 0.2%.

In overnight trading, nonferrous metals on the SHFE also traded mostly higher. Nickel jumped 1.1% to lead the way higher, tin climbed 0.8%, copper gained 0.3% and zinc advanced 0.2%, while aluminium stayed flat. Lead shed 0.6%.

Looking ahead, a private survey of China’s services sector activity for June is expected on Friday, with the Caixin/Markit services purchasing managers’ index (PMI) set to be released around 9:45 a.m. Beijing time.

US markets will be closed on Friday for the July Fourth holiday.