The rally continued in the afternoon after the release of the US job report, which showed the unemployment rate jumped to a higher-than-expected 3.7%, while wages growth cooled down, strengthened bets of a rate hike pause by the Fed. The FTSE 100 ended the session 1.6% higher, but was down slightly by 0.3% for the week.

Commodities were still outperforming today, after yesterday’s OPEC+ meeting in which Saudi Arabia pledged to cut production by another 1 million barrels per day from July.

Online fashion retailer ASOS jumped 11% on the news it was contacted a few months ago by a Turkish retailer backed by Alibaba for an acquisition at about £1bn. Trendyol is reportedly working on the bid with lenders, but no talks are currently underway.

Things to read today:

Big Banks Could Face 20% Boost to Capital Requirements (WSJ)

Bearish Bets Against S&P500 Are Surging, Despite Love for Big Tech (WSJ)

Can UK pensions lifeboat come to rescue of equities? (Financial Times)