Employment at US companies fell in June for the first time in more than two years, reflecting a drop in services payrolls that may raise concerns about a more pronounced labor market slowdown. Private-sector payrolls decreased 33,000 last month after a downwardly revised 29,000 gain in May, according to ADP Research data released Wednesday.

None of the economists in a Bloomberg survey expected a decline. The sobering numbers came a day after Trump administration data showed job openings unexpectedly rose in May as firings declined. That report exceeded all estimates in a Bloomberg survey of economists. 

“Though layoffs continue to be rare, a hesitancy to hire and a reluctance to replace departing workers led to job losses last month,” Nela Richardson, chief economist at ADP, said in a statement.

The ADP report, based on payrolls covering more than 25 million US private-sector employees, also showed that wage growth cooled. Workers who changed jobs saw a 6.8% increase in pay, while those who stayed put saw a 4.4% gain. —David E. Rovella

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President Donald Trump announced Wednesday that the US had reached a trade agreement with Vietnam ahead of the Republican’s self-imposed “reciprocal” tariff suspension deadline. Vietnam’s Ministry of Foreign Affairs said in a statement that Trump pledged to continue cooperating “in resolving issues affecting bilateral trade relations” during a call Wednesday.

According to Trump, the agreement with Communist Party chief To Lam includes a 20% tariff on Vietnamese exports to the US and a 40% levy on any goods deemed to be transshipped through the country. To Lam proposed that the US recognize Vietnam as a “market economy and remove export restrictions on certain high-tech products.”

Such a US-Vietnam deal would only be the third since Trump launched his global trade war, following a temporary truce with China that largely benefitted Beijing and a deal with the UK. That said, Beijing is said to be wary of what may be coming next.

At BlackRock, the world’s biggest asset manager, a Bitcoin exchange-traded fund now generates more revenue than its signature tracker of the S&P 500 Index. The roughly $75 billion iShares Bitcoin Trust ETF has seen a torrent of cash from institutional and retail investors alike, drawing inflows in all but one of the last 18 months.

A surge of cash rushed into Bitcoin ETFs after US regulators reluctantly opened the door to mainstream adoption, prompting an influx of capital from hedge funds, pensions and banks. The iShares Bitcoin Trust ETF, which has an expense ratio similar to its peers, is already a top-20 ETF by trading volume, according to Bloomberg Intelligence.

UK markets tumbled on Wednesday with the rout spilling into global bond markets as speculation about a possible exit by Chancellor of the Exchequer Rachel Reeves made investors nervous about the state of Britain’s finances. The latest selloff was ignited after Prime Minister Keir Starmer failed to confirm Reeves would be in her post at the next general election when asked in Parliament.

Long-dated government bonds were hardest hit, with the yield on 30-year gilts rising more than 20 basis points past 5.4%. That dragged down already embattled US Treasuries, with yields rising for a second day. The pound was the worst-performing major currency in the world on Wednesday, slumping more than 1% to below $1.36. Stocks also fell.

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