Rand takes hit as US jobs surge sends dollar higher | Business

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A surge in hiring in the United States renewed worries about aggressive interest rate hikes, bolstering the dollar and whiplashing Wall Street stocks. | News24_Business

A surge in hiring in the United States renewed worries about aggressive interest rate hikes, bolstering the dollar.Meanwhile, disappointing earnings reports from Apple, Amazon, and Google owner Alphabet raised worries that high interest rates and sky-high inflation are weighing on consumer demand.

The dollar bounded higher after the data was released, and the yield on US government bonds climbed higher.In Europe, London's blue-chip FTSE 100 index on Friday soared to a record peak above 7,906 points, lifted by the weak pound and record annual profits at oil major Shell. Combined market capitalisation in Adani's listed units has collapsed by about $120 billion -- or half their previous value -- since US short-seller Hindenburg Research, which makes money by betting on shares falling, released an explosive report last week.

 

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