US employment was more resilient than expected in October despite the impact of strike action at General Motors.Companies added 128,000 new jobs, ahead of a forecast 85,000 rise, during a month when thousands of workers walked out at the carmaker.The unemployment rate edged up slightly to 3.6% from 3.5% in September, which had been the lowest rate since 1969.
Analysts said the data supported the Federal Reserve’s comments earlier this week that the economy is in good shape.
Fitness device marker Fitbit is being bought by Google for $2.1bn (£1.6bn).The move allows Google to expand into the market for fitness trackers and smart watches. It comes at a time when loss-making Fitbit has been looking to expand into other areas.
“Google is an ideal partner to advance our mission,” said James Park, co-founder and chief executive of Fitbit.
The bid values Fitbit at $7.35 a share, a premium of about 19% to the stock’s closing price on Thursday.
China’s mobile operators have made 5G services available to consumers, as the country seeks to become a global technology leader.State-owned carriers China Mobile, China Unicom and China Telecom unveiled their 5G data plans on Thursday.
It comes as Beijing and Washington have been embroiled in a power struggle over trade and technology.South Korea, the US and the UK have all rolled out their next generation 5G networks this year.
5G is the fifth-generation of mobile internet connectivity. It promises much faster data download and upload speeds, wider coverage and more stable connections.
The name of the collapsed holiday firm Thomas Cook is to live on after the brand was bought up by the Chinese owner of Club Med for £11m.
Fosun Tourism Group said the acquisition of “one of the most well-known tourism brands around the world” would enable it to expand its foothold in the travel business.
according to the deal, the assets bought include the trademarks, domain names, software applications, social media accounts and licences relating to the 178-year-old British travel company.However, Fosun insists it’s not planning to snap up any other parts of the now defunct business.
Weekly Market Perfomace
- S&P 500 up 0.3%
- Dow Jones Industrial Average added 0.4%
- Nasdaq Composite gained 0.3%
- Russell 2000 lost 0.3%
- Eight of 11 main S&P 500 sectors closed higher
- Utilities up 0.9%
- Energy down 2.1%
- 10-year Treasury yield at 1.77%
- Bloomberg Dollar Spot down 0.13%
- The Yen rose 0.2% to 108.69 per Dollar
- The offshore Yuan traded up 0.2% to 7.0324 per Dollar after climbing 0.3% Wednesday
- The Bloomberg Dollar Spot Index dipped 0.2%
- The Euro rose 0.1% to $1.1166
- Gold was at $1,498 an ounce, up 0.2%
- West Texas Intermediate crude was up 0.4% at $55.29 a barrel