Wall Street made history Thursday, when the Dow cracked 25,000 points. Credit:Bloomberg The US ADP National Employment Report on Thursday showed US private employers added 250,000 jobs in December, the biggest monthly increase since March and well above economists' expectations of a rise of 190,000. The S&P 500 gained 0.4 per cent on Thursday while the Nasdaq Composite added 0.18 per cent, both notching record closing highs. China and Hong Kong stocks extended their New Year rally. In commodities markets, oil prices held near their highest level since May 2015, on concerns about supply risks due to unrest in Iran and another decline in US inventories as refining activity hit a 12-year high. US crude stood at $US61.94 a barrel after having risen to as high as $US62.21 the previous session.

AJ Lucas, the engineering services and shale gas company, will seek to raise further funds from existing shareholders to cut debt and finance drilling in north-west England. Billabong's board agreed to back a $380 million bid to buy the company from private equity firm Oaktree Capital Management. What moved the market Artfully decorated Budget jewellery chain Lovisa reported a 7.4 per cent like-for-like increase in sales for the December half, and upgraded its full-year profit outlook. Sales during the Christmas and Boxing Day period were stronger than expected, with the group's 319 stores posting total sales growth of 18.8 per cent for the first half of the financial year. Earnings before interest and tax will come in at between $34.5 million and $35 million, up 22 per cent to 24 per cent on the prior year. Lovisa added almost 12 per cent to a new all-time high of $7.53.

High seas The nation's trade balance worsened to a deficit of $628 million in November. This was on top of a sharp downward revision in October's balance from a surplus $105 million to a deficit of $302 million, ANZ's economists found. This revision, combined with a sharp fall in exports of non-monetary gold (down $425 million in November), were the main contributors to the worse trade position. All other export categories were up in the month. Goods and services imports rose 1.5 per cent, with consumption goods imports rising 2.6 per cent. The Australian dollar softened on the data to settle at US78.54¢. Leverage Capital Economics expects financial stability, and household debt in particular, to remain on the RBA's radar in 2018. While the rate of increase in the household debt-to-income ratio has shown signs of easing, the level is still very high by historical and international standards, Capital finds. So although interest payments as a share of income have so far managed to remain relatively low because mortgage rates have stayed around record lows, this high level of debt means the situation could become much more worrying when interest rates start to rise. The BIS, it says, highlighted in a report last month that countries where household debt is very high and a majority of mortgages are on an adjustable rate are more vulnerable to rate hikes. You're indestructible

Gold prices on Friday held near 3-1/2 month highs to remain on track for their fourth-straight weekly gain, with attention turning to US payroll data due later Friday. Spot gold was down 0.1 per cent at $US1,321.86 an ounce; US gold futures were up 0.1 per cent at $US1,323 an ounce. Spot gold marked its highest since September 15 at $US1,325.86 on Thursday on a weaker US dollar. It has risen 1.5 percent so far this week. "There are some new long-positions after gold crossed $US1,300 and they are trying to push prices up," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. Stock watch: Galaxy Resources Mineral explorer Galaxy Resources rose as much as 3.5 per cent to an all-time high of $4.17 on Friday, leading the top percentage gainers on the S&P/ASX Small Resources index. The Perth-based lithium miner's market value has swelled to $1.6 billion as lithium plays enjoy a hot streak on anticipation of strong demand linked to electric vehicles. In December, UBS upgraded battery raw materials on a better electric vehicle sales forecast to 16.5 million electric vehicles (battery and hybrid variants) sales in 2025, or about 16 per cent penetration from 14.2 million. Those forecasts, which support stronger battery commodity demand and tighter markets, also foreshadowed a more aggressive decline in lithium intensity. UBS concluded at the time that lithium demand is expected to lift almost five-fold by 2025. With Reuters