The U.S. June nonfarm payrolls report became the core variable in global markets overnight. Nonfarm payrolls increased by only 57k in June, far below the market expectation of 110k, the lowest in nearly four months; at the same time, employment data for April and May were revised down by a total of 74k, meaning the cooling pace of the U.S. job market is faster than it appears on the surface.

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