US stocks drop as jobs data clears path to higher interest rates

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US stocks drop as jobs data clears path to higher interest rates
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Shares were lower in broad selling in New York as an unexpectedly strong July labour report paved the way for further big rate increases.

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US stocks slumped as the strength in the jobs market, defied expectations and points to the Federal Reserve continuing to lift rates at larger than historical increments.In New York: BHP +2.1% Rio +2.1% Atlassian +15.8%P 500’s 11 industry groups lower with a 2 per cent slide. Energy and financials were in the green.

The jobs report is good news for the economy, Commonwealth Financial Network’s Brad McMillan said. “More people working, at higher wages, is a sign of economic strength. And with all of the headlines out there, we can certainly use the good news.” Amazon will pay $US61 per share, valuing iRobot at a premium of 22 per cent to the stock’s last closing price of $US49.99.The pan-European STOXX 600 fell 0.8 per cent, leading to a 0.6 per cent decline on the week, on worries over dour economic data from the region, rising geopolitical tensions and fears that higher interest rates could tip the economy into a recession.

Euro zone government bond yields jumped, with Germany’s 10-year bond yield last up 9 bps at 0.89 per cent. Allianz fell 1.6 per cent. The insurer spent around €140 million on restructuring to wind down a U.S. funds unit at the centre of a multi-billion fraud, and posted a worse-than-expected 23 per cent fall in quarterly profit.Iron ore futures rose on Friday, with Singapore’s benchmark contract rebounding after a five-session selloff, as a recovery in steel margins in China eased concerns over weak demand for the steelmaking ingredient.

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