NEW YORK, Feb 7 — Global equity markets fell and the dollar firmed yesterday after data showing a resilient US jobs market suggested interest rates will stay higher for longer as central banks fight to slow inflation amid relatively strong economic growth.
“The market is unbelievably willing to look through 2023, and that’s the wild card here,” said Brad Conger, deputy chief investment officer at Hirtle Callaghan & Co in West Conshohocken, Pennsylvania. MSCI’s gauge of equity performance in 47 countries closed down 1.12 per cent, while the pan-European STOXX 600 index fell 0.78 per cent.
“Investors are going to have to come to grips with the fact that rates are going to stay higher for longer and it’s still unlikely the Fed is going to cut rates this year,” he said. The dollar rose to an almost one-month high of 132.85yen while the euro fell 0.64 per cent to US$1.0726.
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