Key global updates: US jobs, Chevron, Saudi hotels, BlackRock DeFi

US employment indicators at the start of 2026 point to a firmer labour market after a weak 2025. According to Trading Economics data for January 2026, the US unemployment rate edged down to 4.3% from 4.4% in December, slightly below market expectations of 4.4%. The number of unemployed people fell by 141,000 to 7.36 million while total employment rose by 528,000 to 164.52 million.

Labour force participation also inched higher, with the labour force expanding by 387,000 to 171.88 million and the participation rate up 0.1 percentage point to 62.5%. The broader U-6 unemployment measure, which includes discouraged workers and those working part-time for economic reasons, declined to 8.0% from 8.4%.

Wage data show pay rising slightly faster than anticipated. Average hourly earnings for all private nonfarm employees increased by 0.4% month on month in January to $37.17, following a revised 0.1% gain in December and above forecasts of 0.3%. Over 12 months, average hourly earnings were up 3.7%, matching December’s revised pace and exceeding market expectations of 3.6%.

A BBC report on the same jobs release noted that the figures could help ease concerns about the health of the job market after last year’s sharp slowdown, which it linked to factors including major cuts to government spending and a crackdown on immigration. The White House has argued that slower population growth from its immigration policies has reduced the number of jobs the US needs to create each month, a view the BBC said is supported by many economists.

Chevron Corporation reported a significant expansion of its exploration portfolio with entry into Libya. Through its subsidiary Chevron Business Development EMEA Ltd., the company was designated a winning bidder for onshore Contract Area 106 in the Sirte Basin in Libya’s 2025 bid round, with the award dated 11 February 2026.

The award follows a memorandum of understanding signed with Libya’s National Oil Corporation on 24 January 2026 to evaluate development and exploration potential onshore. The award remains subject to execution of a production sharing agreement. Chevron’s vice president of exploration, Kevin McLachlan, said the block is a good fit with the company’s strategy to grow its portfolio with high‑quality acreage and high‑impact prospects, highlighting Libya’s significant proven oil reserves and long production history.

Frank Mount, president of corporate business development, described the contract area award and the memorandum with NOC as important milestones as Chevron evaluates opportunities to support Libya’s energy sector. The company framed the move as part of a broader exploration and production footprint in the Mediterranean and Africa, where it is already a major producer and acreage holder in several countries and holds exploration blocks in Namibia, Guinea‑Bissau and Egypt.

Saudi Arabia’s hotel sector is set for a substantial increase in room capacity, according to a report by property consultancy Knight Frank. The country’s existing stock stands at 171,650 rooms, and around 94,500 additional rooms are under construction or at advanced planning stages. Overall, about 358,000 rooms are planned across the Kingdom, with 94,000 of these already in construction or advanced planning, underscoring the scale of the medium‑ to long‑term pipeline.

Between January and August 2025, the average daily rate across Saudi hotels rose 0.3% to SAR 746, while occupancy reached 61%, lifting revenue per available room by 1.3%. Riyadh is expected to see a 19% rise in quality rooms to 30,330 keys by 2027. Makkah and Madinah have particularly large pipelines, with major projects projected to add more than 252,000 rooms; Knight Frank said 64% of these new units will be in the four‑ and five‑star categories.

Current stock is already skewed towards higher segments, with 60% of existing rooms in luxury, upper‑upscale and upscale classes. By 2030 this proportion is projected to rise to 76%, reflecting demand patterns: the consultancy reported that 83% of travellers prefer four‑ or five‑star hotels. Domestic tourists are also broadening their destination choices beyond the major cities, with Abha and Taif highlighted as popular among nationals. At the Red Sea projects, around 8,000 rooms are expected by 2030.

BlackRock has taken a notable step into decentralised finance by making its tokenised Treasury fund BUIDL tradable on Uniswap, a leading DeFi platform. Fortune reported that BlackRock will bring its Treasury‑backed digital token onto Uniswap, where it will be bought and sold by institutional traders, and that the asset manager is also purchasing an undisclosed amount of Uniswap’s UNI governance token.

BUIDL, launched in 2024, has a market value of about $1.8 billion, and listing it on Uniswap is seen as a significant signal of confidence in DeFi from a large traditional asset manager. The arrangement is being implemented with tokenisation firm Securitize, which will maintain a whitelist of eligible institutions allowed to trade the token and will limit access to qualified purchasers, defined as those with at least $5 million in assets.

Liquidity provision will be supported by selected market makers, including Wintermute, while the structure is designed as a test case for using DeFi infrastructure to exchange tokenised traditional assets. BlackRock’s head of digital assets, Robert Mitchnick, described the move as a notable step in the convergence of tokenised assets with DeFi and said integrating BUIDL into UniswapX marks progress in the interoperability between tokenised USD yield funds and stablecoins.