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Australia’s S&P/ASX 200 sank 0.4% to 7,790.80 while South Korea’s Kospi edged less than 0.1% lower to 2,861.92. The action was more decisive in the bond market, where Treasury yields sank following the U.S. jobs report. Employers hired more workers last month than economists expected, but the number was still a slowdown from May’s hiring. Plus, the unemployment rate unexpectedly ticked higher, growth for workers’ wages slowed and the U.S. government said hiring in earlier months was lower than previously indicated.
The clearest takeaway from the jobs report for financial markets was that it keeps the Fed on track to cut its main interest rate later this year, likely in September and perhaps again in December. The two-year Treasury yield, which closely tracks expectations for Fed action, fell to 4.60% from 4.71% late Wednesday.
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