Hello. Today we look at whether the sizzling US jobs report is good or bad news for the longer-term outlook, the week ahead in global economics, and signs of accelerating inflation in China. 

US recession fears have abated for now after Friday’s 

Kenya’s shilling slid to a record low against the dollar, widening its fall since the start of the year to 5.7%, as greenback supply dries up ahead of elections scheduled for Tuesday and amid rising demand for key imports.

The currency of East Africa’s largest economy weakened to an all-time low of 119.68 per dollar, after falling for the 14th consecutive month in July, with the longest stretch of 30-day losses on record. It recouped some losses to trade at 119.17 shillings by 1 p.m. in Nairobi.

Chinese exports to Russia are back near levels seen before the Kremlin’s invasion of Ukraine, propelling a rebound in trade that’s helped cool off a historic rally in the ruble.

Russia bought $6.7 billion of goods in July from China, an increase of more than a third from the previous month and up by more than an annual 20%. By contrast, its imports from Russia -- which surged in March-May -- rose only slightly last month after a drop in June, according to data from China’s customs authority.

China’s economic measures against Taiwan are unlikely to have a major impact on trade between the two economies given how closely they’re intertwined, a finance ministry official in Taipei said Monday.

The remarks from the Finance Ministry’s chief statistician, Beatrice Tsai, came as Beijing-Taipei relations remain fraught, with the former slapping Taiwan last week with trade curbs on some fish and fruit imports and sand exports following US House Speaker Nancy Pelosi’s visit to the island.

Bitcoin spearheaded a rally in crypto tokens Monday as investors turned to digital assets in the wake of robust US jobs data.

The largest cryptocurrency by market value rose as much as 4% above the $24,000 mark by mid-morning trading in London, while Ether was up 3% at around $1,770. The sector was buoyed alongside

Indonesia is bracing for leaner times next year as the commodity windfall that has kept its budget in surplus for seven straight months is expected to taper off.

State revenue will likely fall next year as global coal and palm oil prices weaken, Finance Minister Sri Mulyani Indrawati said Monday. The resource boom is seen earning Indonesia 279 trillion rupiah ($18.76 billion) in commodity tax revenues and 48.9 trillion rupiah in export levies this year.

A dimming earnings outlook is at odds with the recent rebound in stock markets, according to strategists at Morgan Stanley and Goldman Sachs Group Inc.

Both Morgan Stanley’s Michael J. Wilson and Goldman’s David J. Kostin expect corporate profit margins to contract next year given unrelenting cost pressures, they wrote in separate notes. According to Wilson, who has been one of the most vocal bears on US stocks, “the best part of the rally is over.”

Benchmark German power for next year rose to a record as a heat wave bolstered demand, putting pressure on energy supplies ahead of the critical winter period.

Prices have reached a fourth record in five trading days, showing the exorbitant cost of keeping the lights on in Europe’s biggest market. While demand and prices typically drop off in the summer months, this year a decline in Russian gas supplies during the key stockpiling season -- as well as reduced power output in neighboring France -- has underpinned a blistering rally.

Technology stocks have been on a tear over the past month, but behind the scenes the big picture for the sector’s profits has only gotten darker. 

Analyst estimates for 2022 profit growth at S&P 500 tech companies have fallen about two percentage points since second-quarter earnings reports kicked off in July, according to data compiled by Bloomberg Intelligence. The decline has been even greater for 2023 projections, as Wall Street braces for a potential recession and slower revenue growth. 

The technology and engineering conglomerate is working on what it calls the

Norway is working on a mechanism to preserve its low hydropower reservoirs, effectively limiting electricity exports to western Europe just as its energy crunch deepens.

Refilling dams will be prioritized over power production when levels fall below seasonal averages, Petroleum and Energy Minister Terje Aasland said in a

Zipmex, which

Barcelona has so far spent at least 153 million euros ($156 million) in the summer transfer window signing Brazilian winger Raphinha, Polish striker Robert Lewandowski and French defender Jules Kounde. That’s for a club laden with debt, losing money and with a negative net value based on the latest accounts available.

For a flavor of how property mogul Cevdet Caner likes to schmooze potential business partners it’s worth going back to summer 2009.

Just a year after the banking crisis, and the collapse of his Level One real-estate empire, the Austrian whisked a bunch of financiers and property tycoons from Cannes to Saint-Tropez on his speedboat, according to people present who wanted to remain anonymous when discussing sensitive matters. Grabbing the wheel from the skipper, he took everyone to Club 55, a hotspot for celebrities and royals. After being joined there by more moneyed types, they racked up a champagne tab of tens of thousands of euros, the people say.

The French nuclear regulator granted a temporary waiver for five nuclear plants to discharge hot water into rivers that may breach environmental standards as the nation struggles with an energy crisis. 

ASN approved a request to keep the Bugey, Saint Alban, Tricastin, Blayais and Golfech plants in operation, even if the water they emit may exceed the authorized limit, according to a filing on grid operator RTE’s website. The exception brings some relief to the strained European power market, where prices are near record levels as extended heatwaves have caused disruption to rivers and waterways used to carry fuel and cool power plants. 

The mood among Japanese merchants fell sharply in July as the number of coronavirus infections resurged and inflation weighed on consumers. 

A gauge of sentiment among store managers, taxi drivers and others who deal directly with Japanese consumers slid 9.1 points to 43.8 last month, the Cabinet Office’s Economy Watchers survey showed Monday. That was the largest decline since January, when Japan went through its initial omicron wave of the virus. A below-50 reading indicates pessimists outnumber optimists. Analysts had forecast 51.5. A measure of merchants’ outlook also worsened, declining 4.8 points to 42.8.