Global stocks soar after U.S. jobs data pare rate bets

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World stocks rallied on Friday, led by Wall Street, as investors cheered a crucial U.S. jobs report that showed wage growth slowed in December, fuelling bets that inflation is easing and the Federal Reserve need not be as aggressive as some feared.

released early on Friday showed the U.S. economy added jobs at a solid clip in December, pushing the unemployment rate back to a pre-pandemic low of 3.5% as the labor market remains tight, while average hourly earnings rose 4.6% in December from a year earlier, down from 4.8% in November.

"Everything else about this shows a very, very resilient labor market which doesn’t bode well for a smaller rate hike," said Randy Frederick, managing director of trading and derivatives at Charles Schwab in Austin, Texas, referring to the jobs data. Still, investors focused on the good news in the jobs data, and wagered the Fed might not need to raise interest rates by an aggressive 50 basis points at its next policy meeting in February.

 

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CryptoKryptid Mixed? It came in higher than expected haha. Boys need that gap fill though.

Let’s see what happens on Monday 9th Jan

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