Senior Visa official lauds progressive steps taken by the UAE
business3 days ago
Global stock indexes rose sharply, the US dollar dropped to a six-week low and benchmark 10-year US Treasury yields fell to five-week lows on Friday after data showed US job growth slowed more than expected in October.
The job growth slowdown underscored views that the Federal Reserve may be done hiking interest rates.
U.S. two-year yields also were the lowest since early September after the data, which showed U.S. job growth slowed in part as strikes by the United Auto Workers union against Detroit's "Big Three" carmakers depressed manufacturing payrolls.
The data also showed the increase in annual wages was the smallest in nearly 2-1/2 years, pointing to an easing in labor market conditions.
"The good news here is that the slowdown will likely keep the Fed on the sidelines going forward," said Brad McMillan, chief investment officer for Commonwealth Financial Network in Waltham, Massachusetts.
"One of their key concerns has been an overheated economy, especially after last quarter's GDP growth, and this suggests that problem is going away."
Wednesday's US central bank decision to leave rates unchanged and comments by Fed Chair Jerome Powell indicated to some investors that the Fed may be done raising rates. The Bank of England on Thursday also left rates unchanged.
Central bank officials however stressed that more may need to be done to tackle inflation.
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