Global equity markets fell as U.S. Treasury yields reached two-week highs on Friday after data showed the American economy generated a greater-than-expected number of jobs in May, signaling the Federal Reserve will likely continue raising interest rates in its effort to curb inflation.
The Labour Department’s closely watched employment report showed the U.S. economy added 390,000 jobs in May, beating most analyst estimates.
The MSCI world equity index, which tracks shares in 50 countries, was down 1.14%.
The pan-European STOXX 600 index was down 0.26%.
On Wall Street, all three major indexes closed lower, pushed down by sell-offs in the technology, consumer discretionary, communication services, financials, and industrials sectors.
The dollar edged higher against a basket of currencies after the U.S. released strong monthly jobs figures.
Gold prices fell after bullion’s appeal was dented by the rise in the dollar and Treasury yields following the strong jobs data.
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