Nonfarm payroll growth revised down by 818,000, Labor Department says

The end of the &lsquo carry trade&rsquo ? How Japan&rsquo s yen could be ripping through U.S. stocks

• The key driver of global markets is the yen exchange rate, according to one financial historian.
• Russell Napier, co-founder of the investment research portal ERIC, said in a recent installment of his &ldquo Solid Ground&rdquo macro strategy report that investors have been provided with a glimpse of the impact a change in Japanese monetary policy can have on U.S. financial markets.
• His comments come at a time when many market participants have been caught off guard by the speed of the yen&rsquo s rally.

Japan stocks plunge over 10%, confirming bear market, as Asia shares extend sell-off

European markets higher Swiss National Bank cuts rates ahead of Bank of England decision

UK inflation falls to Bank of England&rsquo s 2% target ahead of elections

Treasury yields retreat as weak retail sales raise concerns about consumer

The Fed is &lsquo playing with fire&rsquo by not cutting rates, says creator of &lsquo Sahm Rule&rsquo recession indicator

• Economist Claudia Sahm has shown that when the unemployment rate&rsquo s three-month average is half a percentage point higher than its 12-month low, the economy is in recession.
• Sahm said the Fed is taking a big risk by not moving now with gradual cuts.
• Fed officials last week sharply lowered their individual forecasts for rate cuts this year, going from three expected reductions at the March meeting to one this time around.

Private payrolls growth slows to 152,000 in May, much less than expected, ADP says

• ADP reported that companies added 152,000 jobs in May, fewer than the downwardly revised 188,000 in April and below the Dow Jones consensus estimate for 175,000.
• Nearly all the hiring came from the services sector, with goods producers contributing just a net 3,000 to the total.
• Trade, transportation and utilities led with 55,000 new jobs, while education and health services added 46,000, and construction contributed 32,000.

European stocks close at record highs after European Central Bank cuts interest rates

Treasury yields fall as traders weigh latest U.S. private payrolls and services data releases

European Central Bank set to cut rates for the first time since 2019