News Highlights: Top Global Markets News of the Day

Stocks Rise as Hopes Build for More Stimulus

The Dow industrials climbed more than 500 points on optimism that economic activity will improve as lockdowns ease and additional government spending will shore up recoveries.

China Cancels Some U.S. Farm Shipments, Maritime Executives Say

Orders, among them 23 cargoes of soybeans, are canceled as tensions rise between Washington and Beijing.

Saudi Arabia, Russia Agree to Extend Production Curbs as Oil Recovers

OPEC delegates said the production agreement is a sign that many of the world's largest oil producers are confident that oil demand will return quickly as coronavirus lockdown restrictions ease around the world.

Fed Expands Municipal-Lending Facility to More Localities

The Federal Reserve said it would again broaden the number of local governments eligible for a new lending program as Illinois announced it would be the first borrower to access the facility.

Global Services Sector Sees Tentative Pickup as Coronavirus Lockdowns Ease

China's services sector emerged from a three-month slump to record strong growth in May, while its counterparts in the U.S. and rest of the world saw further declines in activity as lockdowns began to ease.

U.S. Government-Bond Yields Rise

U.S. Treasury yields climbed to near the top of their recent range after better-than-expected data on job losses and the services sector boosted investors' optimism about an economic rebound.

America's Economy Is Healing Slowly

The economy didn't deteriorate as badly in May as it did April, but it still worsened. The recovery will have to wait.

Wall Street Firm Will Pay Junior Bankers Not to Work

Evercore Partners is offering to pay incoming junior bankers up to $25,000 to delay starting their jobs during the coronavirus pandemic.

Coronavirus Stimulus Funds Are Largely Depleted

Direct federal aid spent or committed amounts to $1.11 trillion some nine weeks after Congress approved its largest- ever economic relief measure.

Lockdown Winners and Losers Shouldn't Both Be Rallying

The stock market is sending a contradictory signal about the global economy. Bulls ought to be wary.

  (END) Dow Jones Newswires
  06-03-20 1915ET
  Copyright (c) 2020 Dow Jones & Company, Inc.

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