
Japan's yen surges after US jobs data, traders wary of intervention risk
Traders are alert to the prospect of intervention just a few days after Japanese and U.S. authorities jointly stepped into the foreign exchange markets.
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Traders are alert to the prospect of intervention just a few days after Japanese and U.S. authorities jointly stepped into the foreign exchange markets.

The market expected another "mild" CPI report, but soft data points to a "hot" report. The Fed might be forced to hike in September, with more aggressive tightening policy to be priced in.

U.S. equity funds recorded outflows in the week to August 5 as some investors cashed in gains after a record-setting market rally and awaited Friday's July jobs report, a key input for Federal Reserve rate expectations.

Your weekly market recap, with reading, watching and listening recommendations from the ROI team. Tech earnings hogged the spotlight this week, as both SpaceX and chipmaker AMD failed to impress investors despite revenue beats, with concerns remaining about the durability of the AI spending spree. Meanwhile, the prospect of yet another interim U.S.-Iran deal pushed down crude prices, but optimism appeared to be fading heading into the weekend.

The yen has returned to the back foot following a coordinated effort by the U.S. and Japan to weaken the Japanese currency.

Payrolls day Good morning, and welcome to payrolls day, the Friday each month when Wall Street stops talking over itself to stare at one spreadsheet. US stock futures nudged higher ahead of the July jobs report, due at 8.30 am eastern time.

Nonfarm payrolls were projected to increase by 83,000 in July while the unemployment rate held steady at 4.2%, according to the Dow Jones consensus.

The U.S. lost 23,000 jobs in July, the Labor Department said Friday, an unexpected decline, and springtime job gains were revised sharply lower.

Celsius Holdings remains a Strong Buy, with disruptive momentum and significant domestic and international growth potential despite recent earnings volatility. Celsius' valuation appears deeply discounted, with DCF-derived intrinsic value at $33.81 per share versus ~$25 current, even under conservative assumptions. Alani Nu integration and PepsiCo partnership drive top-line growth, while the Celsius brand faces near-term headwinds from promotional spend and inventory rebalancing again.

Aspen Insurance Holdings Limited's three preferred stocks - AHL.PR.D, AHL.PR.E, and AHL.PR.F - are now backed by Sompo Holdings, a global insurer with A+ ratings. I am upgrading all three Aspen preferreds to Buy, citing ~7.4% yields and Sompo's robust financial backing and coverage ratios. Sompo's $101B in assets and 98x preferred dividend coverage ratio virtually eliminate non-payment risk for Aspen preferred shareholders.

8am: Positive start expected as market eyes payrolls data US markets are pointed higher ahead of July's non-farm payrolls data, due out before the open, with the Nasdaq set to lead the way. Nasdaq futures point to a 0.5% gain, S&P futures are up 0.2%, and Dow futures are firmer by less than 0.1%.

Cascades Inc. (CAS:CA) Q2 2026 Earnings Call Transcript

US stock futures were mixed on Friday as investors prepared for a jobs report that could decide whether the Federal Reserve moves again in September, while fresh earnings strength pushed technology shares higher before the bell. Dow futures were little changed and S&P 500 contracts added about 0.2%, while Nasdaq 100 futures rose 120 points, or 0.5%.

NexGen Energy Ltd. (NXE:CA) Q2 2026 Earnings Call Transcript

The Fed's next rate move might actually be a cut, the Clarity Act crypto bill is in doubt, and more news to start your day.