Global stock markets fall after US jobs report as investors keep eye on Fed – The National

Global stock markets fall after US jobs report as investors keep eye on Fed – The National

Global stock markets mostly ended down on Friday after data showed US employers added jobs at a better-than-expected pace last month, raising the prospect that the Federal Reserve's aggressive interest rate hikes will not be enough to contain inflation and avoid a recession.

Wall Street's three major stock indexes ended lower. The tech-heavy Nasdaq Composite led the decline, dropping 2.47 per cent, with shares of market heavyweights Apple and Tesla the biggest drags on the market. The Dow Jones Industrial Average fell 1.05 per cent, while the S&P 500 lost 1.63 per cent.

Earlier, the Labour Department's closely watched report showed non-farm payrolls rose by 390,000 jobs last month and wages grew, while the unemployment rate held steady at 3.6 per cent – all signs of a tight labour market.