US Nonfarm Payrolls Fall Far Short of Expectations in August
According to Jinshi data, nonfarm payrolls in the US increased by only 22,000 in August. The expectation was for an increase of 75,000, while the previous figure was reported as 73,000. The unemployment rate stood at 4.3%, in line with market expectations but above the previous month’s 4.2%. These figures indicate that the weakening in the job market is continuing.
US Senate Brings Bill for Crypto Market Structure Reform to Final Stage
According to a report by Crypto in America, the US Senate Banking Committee is about to finalize a reform bill that will regulate the crypto market structure. The bill is expected to be submitted to the committee this month and voted on before the end of the year. Prepared for the first time with heavy Democratic participation, the bill also incorporates feedback from industry representatives. Meanwhile, an internal SEC investigation revealed that former Chairman Gary Gensler’s critical crypto messages from October 2022 to September 2023 were permanently deleted due to an IT error. Following the incident, the SEC shut down employee messaging and tightened its record-keeping training.
U.S. Treasury Yields Fall Ahead of Employment Data
Ahead of the nonfarm payrolls report, U.S. Treasury yields fell due to technical issues at the Bureau of Labor Statistics. At the same time, the emerging market currency index reached its intraday high. This highlights market participants’ heightened sensitivity to the employment data.
The U.S. Bureau of Labor Statistics announced that the data access tool on its website was unavailable due to technical issues ahead of the employment report. This created short-term uncertainty in the market prior to the report’s release.
Commerzbank: Digital Currency Cannot Replace Gold’s “Non-Political” Status
Thu Lan Nguyen, head of FX and commodities research at Commerzbank, stated that the World Gold Council’s digital gold initiative is based on concerns that stablecoins and central bank digital currencies could be alternatives to gold. However, according to Nguyen, this concern is unfounded because stablecoins are pegged to fiat currencies like the dollar, and central bank digital currencies are issued directly by governments. Gold, on the other hand, is not controlled by any political institution, and its supply is limited by mining, so it remains independent of political risk.
Tesla Offers Musk a New $1 Trillion Compensation Package
Tesla’s board of directors offered Elon Musk a package worth approximately $1 trillion, contingent solely on stock performance, without any salary or bonus payments. The plan envisions the gradual granting of shares if the company meets historic targets for market value, profitability, and sales. Management emphasized that Musk is critical to transforming Tesla into the most valuable company in history. However, this massive package could reignite debates about income inequality.
Tesla Board Announces Long-Term Strategic Plan for Musk
According to Jinshi’s report, Tesla (TSLA.O) stated that Musk’s motivation is key to achieving the company’s goals. The board proposed expanding the employee incentive pool by adding 60 million shares and granting Musk investment authority for his artificial intelligence company xAI. Following the news, Tesla shares rose 1.5% in pre-market trading.
