Bonds & Stocks
Wall Street traders drove global stocks and bonds lower ahead of the weekend on concern that a protracted war in Iran will keep oil prices elevated, fueling an increase in inflation and a slowdown in growth. The S&P 500 fell 0.7%. The yield on 10-year Treasuries advanced four basis points to 4.46%.
Economy
The US Department of Labor has proposed new rules to raise wages for foreign workers under H-1B and other visa programmes. The move aims to align foreign worker pay with US market wages. Officials say it will protect American workers and reduce misuse of the system.
World
Iran and Israel exchanged missile fire and Tehran targeted several Gulf states, underscoring the willingness of the two sides to keep fighting even as US President Donald Trump pushes for peace talks.