Irans Oil Industry after comments by President Biden. Welcome to business today, live from new york, i m ritika gupta. Share prices in the us have been searching after great news regarding the us economy. The strike on the East Coast ports has also been suspended. It is not all positive news, though. Oil markets are still reeling from a comment by President Biden on thursday that the White House is � discussing whether to support an attack by israel on Irans Oil facilities. This is how one of the key benchmarks Brent Crude was trading in the last 15 minutes if it stays at these levels it will be up around 10 per cent this week. One Oil Market Watcher told us he is astounded by the president s comment. In over 15 years of covering the energy markets, reporting them and dare i say, trading on the markets as well, i have never seen anything. This is quite unprecedented. Whether its off the cuff or not, for a sitting us president , just a little over four weeks from the american president ial electIons to say something like that. Now, if you look at the world of oil trading, its very sentiment driven, whether he meant it or not or whatever, people will read something into It Thinking that they know something, that the americans know something about what the israelis might do. And sentiment is everything. You saw thejump in prices. It spiked by almost 5 yesterday. Its still today at sort of elevated levels heading towards 80. So highly irresponsible. Lets bring in Max Kettner, chief multi Asset Strategist at Hsbc Global Research in london. I want to start off with the payrolls data. A huge upward surprise. What do you make of it . What does it mean for the fed when it meets next month . Does this means that a big Half Percentage Cut is off the table . Do we get not cut . It isa it is a very weird looking it is It Isa it is a very positive outlook. Looking at all the data, what we actually look at is a metric people do not often look at, the so called Ion-index'>DiffusIon Index which is tracking the amount of industries that are net hiring or not really hiring any more, that was a concern in the last two months because it has gone down, it went down sharply, but with the report today, the strong rebound, even in the so called Ion-index'>DiffusIon Index, it means there is a higher Net Percentage of sectors and industries who are hiring which is adding to the positivity. It is adding to the positivity. It is the good kind of hawkish news, it is not the kind that equities and credit and risky assets in general do not like because it is not something where we could be concerned around things like inflatIon, that could threaten corporate profitability, it is because it is really saying the economy is doing well all round and even the one part that was lacking so far, the Labour Market, that is now looking better, so that is now looking better, so that isjust is now looking better, so that is just opening the floodgates for further positive sentiment. Aside from the Jobs Data and the labour strikes that we have seen, the key Market Story of the week is also oil with gains on the week, 9 Io , so what do you make of the Commodity Market . It you make of the Commodity Market . ,. , market . It is not quite inflatIonary market . It is not quite inflatIonary yet market . It is not quite inflatIonary yet but. Market . It is not quite| inflatIonary yet but you market . It is not quite inflatIonary yet but you are right, most of the disinflatIonary effects that we have seen, in the eurozone and the uk and also the us, it has been around Energy Prices and good prices, so with the stimulus out of china that we have seen in the last couple of weeks, may be disinflatIonary any more, and we have seen the peak of the disinflatIon and that could be putting a couple of tents on core inflatIon, and on the energy side, it would be a much bigger spike that would be needed void to be inflatIonary. We are roughly at the same level where we were at the same level where we were at the start of the year. So for that reason it will become inflatIonary globally, and it would take a lot more upside in oil, towards the hundred, before that becomes a big problem for central banks. We have not problem for central banks. We have got to problem for central banks. We have got to leave it there. Thanks to Max Kettner of Hsbc Global Research. Lets get into some more detail about the us economy now because as we mentIoned earlier the us economy remains in good health according to official Figures Employment figures out in the last hour. According to the � non farm payroll� data from the us Department Of Labour employers added an extra 254,000 jobs in september, much higher than the 140,000 investors were expecting. Figures for august and july were also revised higher. And the Unemployment Rate ticked down to 4. 1 . The data is seen as a vital index of the health of the us economy. Joining me now is nela richardson, Chief Economist at adp. We had the private payrolls on wednesday. And today non farm payrolls. A massive upward surprise. Jobs added, revisIons, and private payrolls was a lot higher than adp data. What did you make of it overall . 0verall, overall, it is a very strong jobs report, after a summer pretty much stasis in terms of hiring, we actually saw a big rebound. The kids went back to School And America went back to work in terms of hiring, and the difference in terms of the employment report, the number of people on the payroll, the government data, we would expect, giving the underlying data, the differences in the numbers, but what was consistent between the two reports was the Rebounding Trend. We went up from 103,000 in august, 143, way beyond expectatIons, but the Rebounding Trend was there in the private sector data, so these reports confirm, when you take on all the Labour Market data, is that the american Jobs Market is in really good shape. With this Rebounding Trend, you are talking about, so what does it mean for the fed when they meet next month . Does this mean a Half Percentage Point cut to Interest Rates is off the table . ~. ,. , ~ Interest Rates is off the table . ~. ,. , ~. , table . When we looked at this, and we looked table . When we looked at this, and we looked Narrative Table . When we looked at this, and we looked narrative of table . When we looked at this, and we looked narrative of the | and we looked narrative of the us economy, the federal reserve was clearly cutting by choice and there was nothing in the Labour Market even at the time of the 50 basis point cut, but it was necessitated by the aggressive move, but now fast forward to where we are now, not only have the numbers shown the strength that was underlying the other economic data, it questIons as to whether the fed needs to cut at all. They might, there are reasons to cut notjust about the economy and maybe they want to get closer to the neutral rate faster, but this data confirms that the cutting is for some reason other than to stimulate the use us economy. Thanks to nela richardson, Chief Economist at adp. Tens of thousands of dockworkers on the East And Gulf coast are heading back to Work Today after their unIon agreed to suspend Ion'>Strike ActIon untilJanuary 15th. It comes after they reached a � tentative deal with Port Operators that will see their Pay Rise more than 60 over the next ten years. The Port Shutdown in place since monday was costing the us an estimated 5 billIon a day with long queues of Container Ships backing up outside ports. Michelle fleury has been following the story. They have suspended this strike. So, in other words, Tens Of Thousands of Dock Workers along the East And Gulf coasts are going to return to the job at least until January 15th. And the idea here is to try and give both sides time to return to the Negotiating Table and kind of work on some of those lingering issues. We know that there was questIons about whether or not there would be any improvement on Retirement Benefits that were offered on health care, but perhaps the biggest issue of all was automatIon. And when i was at the Picket Line earlier this week at the port of newark, one of the busiest on the East Coast, you know, there were lots of signs, people saying automatIon doesnt feed family. There was a lot of Anger And Concern that essentially advanced technology would replace them and theirjobs. And that is what they saw this fight primarily as being about. So the questIon is, will there be any progress between now and January 15th . And i reached out to the unIon, the ila, about this, but havent yet heard back as to kind of whether theres been any movement on this key issue. The Ion'>European UnIon is pressing ahead with plans to impose hefty tariffs on chinese made electric vehicles raising fears of a Trade War over the issue. It comes despite a bitter rift between Eu Member states over the issue. In a vote in the last few hours, ten Eu Member states backed the tariffs five voted against and 12 abstained according to reports. The eu is concerned that china is unfairly subsidizing its electric car makers hitting european manufacturers. But germany and also hungary have been vocal critics of the plan to tax chinese cars as Eu Policy AnalystVarg Folkman explained to us earlier. This is a big Step Up in more assertive Trade Policy from brussels, and it would be natural to assume that china would come back with some kind of retaliatory measure. This could hurt german Auto Makers who bought exports to China And Havejoint ventures in china with chinese brands, transporting or exporting cars and evs back to europe. When it comes to hungary, they are expecting a lot of investment from chinese companies into ev structural infrastructure there, so theyre afraid of losing that, i would assume. Varg folkman in brussels there. Germanys top car makers, and their investors, will be among those hoping the eu can avoid a tit for tat Trade War with china and possibly strike a deal with beijing. We will of course keep you across that developing story here on Bbc News lets Take A Look at the markets. The Court Ofjustice for the Ion'>European UnIon ruled in favour of a privacy of a privacy campaigner. That is all we have of a privacy campaigner. That is all we have got of a privacy campaigner. That is all we have got time of a privacy campaigner. That is all we have got time for. L stay with us here on Bbc News. Hello from the bbc sport centre. World number one Jannik Sinner sez he is confident that he will avoid a Doping Ban after wada appealed a decisIon by the internatIonal Tennis Integrity Agency to clear him of wrongdoing following two positive tests for an Anabolic Steroid in march. The appeal to the court of arbitratIon for sport means the case might not be resolved before sinner begins the defence of his Australian Open title injanuary. Iam i am still surprised but i will collaborate like i did before. I had three hearings which all went my way. That was good. But now we will see. Im very confident that it comes out very positively and i would be very positively and i would be very surprised if it is the