Despite the ECB’s rate cut on Thursday, Asian markets slipped on Friday, as the move was widely anticipated. The Nikkei dropped .7% to 9021, the Kospi slumped .9% to 1858, and the ASX 200 eased .3% to 4158. The Shanghai Composite bucked the downtrend, rallying 1% to 2224, following China’s own rate cut on Thursday, as real estate shares surged 3.5%. The Hang Seng closed down fractionally to 19801.
Weak jobs data from the US sent European markets tumbling in the afternoon. The DAX and CAC40 both sank 1.9%, while the FTSE slipped .5%. Spain’s IBEX plunged 3.1%, and Italy’s MIB index fell 2.5% as the two countries continue to struggle.
US stocks fell as well, but the losses were slightly more limited. The Dow dropped 124 points to 12772, the Nasdaq fell 1.3% to 2937, and the S&P 500 shed .9% to 1355. Despite the slide, the VIX dropped 2% to 17.15.
Deutsche Bank plunged 5.1% amid reports the company will be investigated by German officials for manipulating Libor rates.
Currencies
The US dollar advanced on Friday, as the weak jobs data encouraged a shift out of risk. The euro and Swiss franc dropped .8%, and the Australian dollar slumped .7%. The EUR/JPY tumbled 1.1% to 97.90, and the Canadian dollar skidded .5% to 1.0195. The pound eased .2% to 1.5490. The yen rose .3% to 79.68.
Economic Outlook
Nonfarm payrolls increased by 80K, 17K short of estimates, while the unemployment rate remained steady at 8.2%.
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Weak US Employment Rate Pressures Stocks
Published 07/09/2012, 04:11 AM
Updated 05/14/2017, 06:45 AM
Weak US Employment Rate Pressures Stocks
Equities
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