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It's jobs report Friday: the next snapshot of the U.S. economy is likely to show another 189,000 jobs added in May, with the unemployment rate holding steady at 3.9% and average earnings expected to have risen 2.7% on an annualized basis. The nonfarm payrolls report will also cement expectations that the Fed will raise interest rates again in June, but chances for a fourth rate hike this year have dimmed to 27%, according to CME Group, down from around 50% last week. (SA)

Besides retaliatory tariffs from the European Union, the U.S. is facing "counter-balancing measures" from its northern and southern neighbors after imposing duties on steel and aluminum. Canada's levies will cover C$16.6B in imports, including whiskey, orange juice and other food products, alongside metal tariffs. Mexico's reciprocal measures will also target steel, as well as pork legs, apples, grapes and cheeses. (SA)

A round trip over in Italy - marking a dramatic recovery from a rout on Tuesday ignited by the specter of fresh elections and months of uncertainty.  The ugly drop has now almost entirely reversed.  The week's economic turmoil was driven by fractious politics, which appeared to be drawing to a close on Friday morning after a new Italian coalition government was agreed, although the new government still faces a confidence vote in parliament. (FT)

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