US equities rallied Friday, led by gains in mega-cap tech stocks after non-farm payrolls rose the most in eight months, signalling a tight labour market. The Dow Jones rose 288 points (+0.87%) in a choppy day of trade. Up 438 at best. Down 273 at worst. The S&P 500 and NASDAQ registered their largest daily gain since late August, up 1.18% and 1.6%. Markets initially fell after jobs data but rallied back late morning. Notable gainers include Nvidia +2.4%, Microsoft +2.5%, Meta +3.5%, Google 2.0% and Apple +1.5%. US 10Y yields rose over 13bps after the jobs report, hitting a fresh 16-year high of 4.8874%, adding to this month’s steep sell-off before easing back slightly, finishing up 8.9bps. USD Index eased 0.19%, snapping an 11-week winning streak after hitting its highest level in 11 months earlier in the week. Among stocks, Exxon Mobil slipped 1.67% on news the company is closing in a deal to buy Pioneer Resources for ~US$60bn. GM and Ford rose 1.9% and 3.2%, respectively, after UAW said there would be no new strikes this week.

• Weakening dollar speeds up copper gains ahead of China market re-opening.
• Gold attempts rebound, but heads for second weekly dip on rate-hike fears.
• OPEC raises oil demand view in long-term outlook, sources say.
• Russia lifts ban on most diesel exports.
• Oil prices rise, but post biggest weekly decline since March.
• Europe’s gas stocks at record high going into winter 2023/24.
• Norway's oil production seen rising 5% in 2024.
• US drillers cut oil and gas rigs for third week in a row.
• Copper Study Group expects big supply surplus in 2024.
• Rystad sees oil at $60 a barrel by 2027 as demand peaks.
• Resilient China demand supports copper prices, boosts local aluminium prices.

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