The US economy added 517,000 jobs in January, forcing Wall Street bulls to reconsider the case for interest rate cuts in 2023, and challenging the euphoria behind ‘disinflation’.
P/ASX 200 Index will open less than 0.2 per cent higher from Friday’s close of 7558.1 points, futures indicate, within 100 points from its 2021 record high. The Nasdaq fell 1.6 per cent and the SEconomists were looking for growth of only 188,000 jobs, and the result smashed the 2022 average monthly gain of 401,000. The US unemployment rate is back at 3.4 per cent, a 53-year low, from 3.5 per cent in December.
The US 10-year Treasury yield jumped 13 basis points to 3.52 per cent in a sell-off that spilled over into most sovereign markets on Friday. The Australian dollar tumbled to US69.23¢.
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