Top headlines global financial media focused on overnight and this morning include: 1. US October nonfarm payrolls rose by 165,000, far exceeding expectations, with the unemployment rate dropping to 4.1%, showing a strong labor market. 2. After midterm election losses, Trump appointed Miller to replace Wells as White House Chief of Staff. 3. Tesla will gradually halt Cybertruck production due to years of poor commercial performance. 4. Microsoft is gradually terminating its AI cloud computing leasing agreement with Oracle. 5. Election results do not change OpenAI's expansion plans, CFO says it will continue investing in data centers and raising funds. 6. Bank of Japan Governor Ueda: If severe shocks occur in the future, QE tools may have to be used.

US October nonfarm payrolls rose by 165,000, far exceeding expectations, with the unemployment rate dropping to 4.1% and a strong labor market. US job growth accelerated sharply in October, and the unemployment rate edged down, indicating a strong labor market amid continued economic expansion. Data released by the US Bureau of Labor Statistics on Friday showed that nonfarm payrolls increased by 165,000 in October, with the previous two months' figures revised upward. The unemployment rate fell to 4.1%. The report also showed less wage pressure from the labor market. Average hourly earnings rose 3.1% year-on-year, matching the lowest growth rate since 2021. However, average hourly earnings rose 0.4% month-on-month, higher than expected.

After midterm election losses, Trump appointed Miller to replace Wells as White House Chief of Staff. US President Donald Trump said he will appoint longtime aide Stephen Miller as the new White House Chief of Staff, with Susie Wells moving to his political operations team. The White House personnel change comes after Republican losses in this week's midterm elections. Miller is the architect of the Trump administration's hardline immigration policies and advocates aggressive administrative actions. Although the midterm election results showed voters' clear dissatisfaction with Trump's second term, promoting Miller indicates that the US president is unlikely to soften his policy stance and seek compromise with the new Congress.

Tesla will gradually halt Cybertruck production due to years of poor commercial performance. Tesla Motors (TSLA) will stop production of the Cybertruck pickup, a controversial vehicle that has been on the market for only a short time but attracted enormous attention, yet sales have consistently fallen far short of Musk's initial high expectations. Musk posted on social media on Friday that Cybertruck production at the Texas factory will be gradually halted by mid-next year to free up capacity for the autonomous vehicle Cybercab, without providing further details. This sudden news means the electric pickup will come to an end. Demand for the Cybertruck is far below expectations, and it has experienced a series of recalls. Earlier this year, reports said other Musk companies bought Cybertrucks to help support sales, especially SpaceX.

Microsoft is gradually terminating its AI cloud computing leasing agreement with Oracle. Microsoft is gradually terminating its agreement to rent AI computing power from Oracle, part of a broader effort to reassess multi-billion-dollar cloud computing partnerships. According to people familiar with the matter, in recent months, after deciding not to renew the contract, Microsoft has begun phasing out the computing resources rented from Oracle. The people said that over time, the computing power Microsoft rented gradually lost value because the related equipment no longer met the company's technical specifications. The hardware provided by Oracle uses an older generation of Nvidia chips.

Election results do not change OpenAI's expansion plans, CFO says it will continue investing in data centers and raising funds. OpenAI Chief Financial Officer Sarah Friar said on Friday that the company will continue investing in AI infrastructure even after voters strongly opposed data centers in Tuesday's midterm elections. "Speaking of the midterm elections, I need to keep thinking about how to continue investing to meet customer demand," Friar said in an interview at the Citi TMT Leadership Summit in Pebble Beach, California. "It starts with early relationships with all the hyperscalers, and it will continue to mean we need to raise funds." Friar said on Friday that OpenAI is in negotiations to raise funds at a $1.25 billion pre-money valuation. She said "a good CFO always raises money when they can," and said the funding round is still ongoing.

Bank of Japan Governor Ueda: If severe shocks occur in the future, QE tools may have to be used. Bank of Japan Governor Kazuo Ueda was one of the pioneers of quantitative easing policy as early as the late 1990s. He said that although unconventional measures are less effective than traditional rate cuts, if major shocks occur in the future, the Bank of Japan may once again use these tools. Ueda said on Friday in response to questions after a speech at the International Monetary Fund in Washington: "Looking back at the impact of unconventional monetary policy tools on the economy and inflation, I would say they did bring some positive effects." He said, however, that when interest rates are in positive territory, "as many people have said, they are not a perfect substitute for rate cuts."