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The U.S. economy created 22,000 jobs last month instead of an estimated 75,000, confirming softening labor market conditions, according to the Labor Department report. The three major U.S. stock indexes initially rose and broke records following the data, as traders of futures tied to the Fed's policy rate boosted bets that the U.S. central bank will trim rates in quick succession, starting this month, with a 50-basis-point easing now on the table.
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Indian banks are accelerating efforts to fully implement SWIFT's ISO 20022 messaging standard by the November 2025 deadline, driven by directives from the Ministry of Finance and the RBI. Several major banks, including SBI and ICICI Bank, have already migrated to the new system. Failure to comply with the deadline could result in payment disruptions and penalties.
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Indian equity indices ended flat amid choppy trading, with IT stocks declining due to US tariff concerns, offsetting auto sector gains fueled by GST cut hopes. For the week, however, markets gained 1%. Positive global cues and expectations of US rate cuts are expected to support a recovery next week, though Nifty faces resistance at 25,000.
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