NEW YORK, Oct 8 — Stocks slid and the dollar surged yesterday after US jobs data showed only a timid slowdown in the labour market, setting the stage for further aggressive interest rate hikes.
However, the jobs report shows the US labour market is still robust, with hiring in the US economy slowing only slightly in September, to a net gain of 263,000 jobs, from 315,000 in August. “The latest bear market bounce has now begun to wilt as investors wearily return to expectations” of further Fed rate hikes.
In Europe, Frankfurt fell 1.6 per cent, and Paris shed 1.2 per cent. London ended the day 0.1 per cent lower.