The US payrolls report is expected to show that employers added 200,000 jobs in June, down from the previous month; bitcoin (BTCUSD) and other cryptocurrencies are falling on fears of a sell-off after the failure of exchange Mt. Gox Begins $9 Billion in Payments; The European Union (EU) is said to be set to warn social media platform X for content violations in the latest move against US tech firms; Disney ( DIS ), Netflix ( NFLX ) and other streaming services asked a Canadian court to impose a content fee; and Shell ( SHEL ) expects to take an impairment charge of up to $2 billion after halting work at a biofuel plant. US futures are little changed after the Independence Day holiday. Here’s what investors need to know today.
1. The Jobs Report is expected to show a slowdown in employment
After yesterday’s holiday, investors will kick off the trading day on Friday with fresh data on the labor market when the Bureau of Labor Statistics releases its monthly jobs report at 8:30 a.m. ET. Economists forecast that employers added 200,000 jobs in June, down from May’s figure of 272,000, while the jobless rate is expected to hold at 4% and hourly wages are seen rising 0.3%, from 0.4% last month. In minutes of the Federal Reserve’s June meeting released on Wednesday, some officials said they were watching the jobs numbers more closely as inflation eased, as unexpected weakness in the labor market could prompt the Fed to move faster in reducing interests.
2. Bitcoin, Ether Fall nor Mt. Gox payments begin
Cryptocurrency values are plummeting after failed exchange Mt. Gox began payments to former customers that could reach up to $9 billion, putting pressure on the sale of cryptocurrencies by holders looking to profit. Bitcoin (BTCUSD) is down about 3% to near $55,000, while ether is down 3.5%, part of a $170 billion selloff in market capitalization in the past 24 hours. Mt. Gox payment could put between 65,000 and 140,000 new bitcoins into the market, while customers will also receive payments in Bitcoin Cash.
3. The EU is said to be set to warn X for failing to tackle dangerous content
The European Union (EU) is preparing to issue a formal warning to Elon Musk’s social media platform X for failing to combat dangerous content, the latest in a series of actions it has taken against major tech companies under laws passed by recently, according to one Bloomberg transfer. A breach of the Digital Services Act (DSA) could result in a fine for X of up to 6% of its revenue, the report said. The EU has also used the new Digital Markets Act (DMA) to charge other tech giants, including Apple ( AAPL ) with unfairly restricting how developers can request payments and Facebook’s parent platform Meta (META) by failing to allow users to opt out of data. gathering.
4. Disney, Netflix among broadcasters seeking to block Canadian content fee
The Walt Disney Co. ( DIS ), Netflix ( NFLX ) and other streaming companies have asked a Canadian court to halt plans for a 5% domestic sales fee to help fund local content. The Motion Picture Association of Canada’s filing with the country’s Federal Court of Appeal seeks to end the Canadian Radio-television and Telecommunications Commission’s proposed payouts, which could cost broadcasters up to C$200 million ( 147 million dollars) per year. , Wall Street Journal reported. Other streaming services in the lawsuit include Warner Bros. Discovery ( WBD ) and Paramount Global ( PARA ).
5. Shell to receive $2 billion fee after work stoppage at Dutch biofuel plant
British energy giant Shell ( SHEL ) said it was set to take an impairment loss of $1.5 billion to $2 billion after it halted construction of a major Dutch biofuels plant. Europe’s biggest energy firm said on Friday it expects to book the levy after weak market conditions forced it to halt construction of a biofuels plant in Rotterdam and divest its chemicals refinery in Singapore. The company also disclosed that it expected its Integrated Gas segment to produce lower revenue than its first-quarter results “due to seasonality.”
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