The U.S. Labor Department released the labour market data on Friday. The U.S. economy added 38,000 jobs in May, missing expectations for a rise of 164,000 jobs, after a gain of 123,000 jobs in April. It was the smallest rise since September 2010.

April's figure was revised down from a rise of 160,000 jobs.

The increase was mainly driven by rises in health care. Health care added 45,700 in May, while mining sector shed 10,200 jobs.

The manufacturing sector shed 10,000 jobs in May.

A strike by Verizon workers weighed on nonfarm payrolls.

The U.S. unemployment rate dropped to 4.7% in May from 5.0% in April, beating expectations for a fall to 4.9%. It was the lowest level since November 2007.

The decline was driven by a fact that people dropped out of the labour force.

Average hourly earnings increased 0.2% in May, in line with forecasts, after a 0.4% rise in April. April's figure was revised up from a 0.3% increase.

The labour-force participation rate decreased to 62.6% in May from 62.8% in April.

The Fed could delay its interest rate this month.

A former managing director of the Nigerian National Petroleum Corporation (NNPC), Mohammed Barkindo, was appointed the secretary-general of the Organisation of Petroleum Exporting Countries (OPEC) on Thursday. He replaced the Libyan Minister of Oil Abdalla El-Badri.

Barkindo said that the oil market would rebalance starting from the fourth quarter to first/ second quarter of the next year.

The Caixin/Markit Services Purchasing Managers' Index (PMI) for China declined to 51.2 in May from 51.8 in April, missing expectations for a rise to 52.0.

The decline was mainly driven by a slower growth in new business and job creation.

"All of the index categories, with the exception of output prices, which remained stable, showed signs of deterioration," Dr. Zhengsheng Zhong, Director of Macroeconomic Analysis at CEBM Group said.

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