Welcome to our live coverage of US politics and the Middle East.
More than $2 trillion has been wiped off Wall Street overnight despite the US posting its third strongest jobs report in 18 months.
Donald Trump was baffled by the news, saying “stocks should go up, not down” following the new data.
US job growth surged past expectations in May with the unemployment rate remaining steady, as the labour market in the world’s largest economy showed signs of firming after months of turbulence.
The news seems good on the surface but it has led to fears the US Fed will be forced to hike rates.
Wall Street stocks slumped with investors expecting a strong labour market means the Federal Reserve will switch its focus to combating inflation through rate hikes later this year.
“Stocks should go up, not down. That’s the way it was for 200 years. Growth does not mean inflation!” Mr Trump posted in response to those actions.
Total non-farm payroll employment increased by 172,000 in May, and the unemployment rate was unchanged at 4.3 per cent, the US Bureau of Labor Statistics said on Friday.
Meanwhile, the US imposed sanctions on a network allegedly exporting Liquefied Petroleum Gas (LPG) from Iran to South and Eastern Asia by falsely flagging it as originating in Oman, the Treasury said.
The network used front companies in the United Arab Emirates and China and a “shadow fleet” of vessels, according to a Treasury statement.
The system, designed to evade existing US sanctions, moved LPG worth hundreds of millions of dollars, it added.
Read on for updates below.
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