Stock markets mostly fell as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation. Official data published Friday showed the US economy added 528,000 positions, defying all expectations of a slowdown.
Data also showed US wages jumped, which will add to inflation concerns and likely push the Fed to raise rates aggressively again next month. The Fed has previously said its decision will be guided by data.
Markets fell after the “absolutely monster” jobs report leaves “the Fed with all the ammo it needs to keep on hiking a lot more”.—AFP