On the eve of non-farm payrolls, the three major US stock index futures are mixed before the market opens, while UK stocks, bonds, and the pound are all rising. Bitcoin falls below $54,000

On Friday, July 5th, the US stock market was under pressure on the eve of the non-farm payrolls, while European stocks rose collectively.

Tonight at 20:30, the US Department of Labor will release the June non-farm employment report. According to the median forecast of economists, the number of new non-farm jobs in June may be 190,000, a decrease from the previous month; the year-on-year growth rate of average hourly wages is 3.9%, the lowest level in three years; the unemployment rate is expected to remain at 4%, the highest level in over two years.

With the US stock market closed overnight, the "mini non-farm" and initial jobless claims data for the week of June 29th showed a cooling labor market. Meanwhile, ISM manufacturing and services PMI data indicated economic slowdown, further supporting expectations of interest rate cuts.

The UK Labour Party's victory in the general election is good for the market, with UK stocks, bonds, and the pound all rising. The FTSE 100 index continues to rise, the yield on 10-year UK bonds is declining, and the pound is on track for its best consecutive rise in four years.

Dow Futures Slightly Down, Tesla Up Over 1%

At the time of writing, Dow futures are down 0.02%, S&P 500 futures are up 0.08%, and Nasdaq 100 futures are up 0.18%.

Tech stocks are generally up, with Tesla and TSMC up over 1%, and NVIDIA up 0.3%.

Most popular Chinese concept stocks are down, with XPeng down over 5%, iQIYI, JD.com, NetEase, Nio, and Li Auto all down over 2%.

In terms of individual stocks, NIO Inc. ADRs rose over 8% in pre-market trading. In news, the company's second-quarter total vehicle sales were 256,162 units, a year-on-year increase of 20.83%.

European Stocks Rise Collectively, French Stocks Up for Three Consecutive Days

The Euro Stoxx 50 index rose by 0.45%, the German DAX30 index rose by nearly 1%, the UK FTSE 100 index rose by 0.22%, and the French CAC40 index rose by 0.31%.

![](https://wpimg-wscn.awtmt.com/4892174e-980e-4c4f-8473-04cf2e01e090.png? The French CAC40 index has risen for the third consecutive day. A series of news prior to this indicated that Le Pen's far-right party may not win an absolute majority in the second round of elections this weekend.

British Stocks, Bonds, and Exchange Rates Rise Together

The UK Labour Party is expected to win with an overwhelming advantage, reclaiming governing power after fourteen years, bringing good news to the British market.

For reference, in 1997, after the historic victory of the Labour Party led by Tony Blair, the UK FTSE 100 index rose by 4% within a month, and then soared by 35% in the following 12 months.

The FTSE 100 index opened high today, while the British pound reached a three-week high, heading towards its best consecutive rise in four years.

The British pound/US dollar briefly rose by 0.2% to $1.2781; rising for the seventh consecutive day, the first time since July 2020.

The yield on UK 10-year bonds fell by about 0.06% intraday, now at 4.199%.

US Dollar Declines, US Bonds Hold Steady

The US dollar has fallen for the fourth consecutive day, now at 104.94.

The yield on US 10-year bonds has fluctuated slightly.

Increased Selling Pressure, Cryptocurrencies Plunge

Bitcoin plummeted by over 6% intraday, breaking below the $54,000 mark at one point, dropping to the lowest level in over two months.

At the same time, Ethereum fell by over 9%, dropping to $2,841 at one point, reaching a low point of over two months.

In the news, there are reports that the Japanese cryptocurrency exchange Mt. Gox, which collapsed ten years ago, may start returning Bitcoin to creditors. The market is concerned that these creditors may sell the Bitcoin they hold, leading to a price drop. The selling pressure from leveraged players further exacerbates the market sell-off