Russian President Vladimir Putin signed a new tax law that changes the excise tax mechanism to incentivize production of high-octane gasoline through blending. The measure is intended to boost fuel supplies for the domestic market amid shortages linked to Ukrainian drone strikes. It is positioned as an emergency fiscal tool designed to be verifiable, enforceable and time-sensitive, acting directly on the gasoline production side.

Several cotton ginning factories in Pakistan’s Sindh province have stopped operations after the federal budget retained an 18% sales tax, which the industry says is squeezing profitability. Benchmark cotton rates have fallen sharply, while extreme weather is also hurting cotton quality and worsening the strain. Calls for tax relief ahead of the budget from the All Pakistan Textile Mills Association and other stakeholders were not accepted. The disruption is weighing on output and price formation in a key cotton-exporting country central to global supply chains.

A moderate U.S. June jobs report and downward revisions to the prior two months’ payroll figures cooled expectations of a September Federal Reserve rate hike, with the CME FedWatch tool putting the odds at 45%. The dollar index is set for its largest weekly fall in 12 weeks. The yen strengthened past 161 per dollar, while the euro rose to a near two-week high and sterling climbed to its strongest level in nearly three months. U.S. 2-year Treasury yields fell 4 basis points.

Exxon Mobil and Chevron are expected to triple their first-quarter earnings as gasoline prices climb amid heightened geopolitical tensions tied to the U.S.-Israeli war on Iran. The outlook comes as fuel affordability faces intensified political and consumer scrutiny. U.S. Treasury Secretary Scott Bessent has suggested the administration could intervene to curb prices at the pump, underscoring the tension between strong profits and policy pressure.

Global equities rose on Friday after a weaker-than-expected U.S. jobs report tempered concerns about near-term Federal Reserve rate hikes. Europe’s STOXX 600 hit a record high, while U.S. tech shares were described as being on a “cooling” trend even as broader U.S. stocks benefited from improved macro sentiment. The report did not cite specific payroll figures, characterizing the latest monthly data only as “tepid” and “cooling.”

China’s A-shares and Hong Kong stocks staged a sharp rebound on Friday after the latest U.S. nonfarm payrolls report came in weak. The data fueled expectations that the Federal Reserve will keep monetary policy accommodative, improving liquidity and risk appetite. Chip-related shares in China were highlighted as a key driver of the A-share rebound, according to the summary.

A softer U.S. nonfarm jobs report cooled market expectations for a Federal Reserve rate increase in September, with the implied probability falling from 55% to 35%. The dollar index is set for its steepest weekly decline in 12 weeks. The yen rebounded sharply and the euro rose to a near two-week high, while sterling also strengthened. Japan’s finance ministry warned it could intervene in currency markets, keeping traders focused on exchange-rate volatility risks.

Asian equities rose broadly on Friday, with the MSCI Asia Pacific index excluding Japan up 2.2% and South Korea’s Kospi surging more than 6%. Japan’s Nikkei 225 added 1.2%, while S&P 500 e-mini futures gained 0.4%. The gains followed a weaker-than-expected U.S. nonfarm payrolls report that eased the perceived urgency for further Federal Reserve rate hikes, lifting risk sentiment.

Escalating conflict involving Iran and repeated disruptions in the Strait of Hormuz have injected fresh volatility into global metals markets. Missile strikes on Persian Gulf aluminum smelters have delivered a material supply shock. Tin has remained firm on a widening supply-demand gap, while copper has been supported by logistics disruptions and a higher geopolitical risk premium. Zinc has outperformed expectations without a stated driver, and nickel’s direction depends on policy shifts in Indonesia.