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Asia markets close mostly lower as U.S. jobs report show room for more hikes; Adani saga continues CNBCAsian stocks sink after US jobs data fan rate hike fears Yahoo! VoicesAsia shares skid, dollar firm as yields spike ReutersNikkei gains but other Asian markets sink after U.S. jobs data fans rate-hike fears MarketWatchFutures, St
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 Friday's report of 517,000 job gains in January rocked the market and raised concerns of sharper Fed rate hikes that could cause a recession.
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Asia shares skid, dollar firm as yields spike Reuters.comAsia markets mostly fall as U.S. jobs report show room for more hikes; Adani saga continues CNBCAsian stocks sink after US jobs data fan rate hike fears The Associated Press - en EspañolStock Market Today: Dow, S&P Live Updates Feb 6 BloombergAsia shares slip, dollar up as US rate outlook shifts Malay Mail
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President Joe Biden on Friday hailed stronger-than-expected job creation in January and called the robust reading proof that the U.S. economy is showing strength. Biden said in a statement at the White House: "I'm happy to report that the state of our union, and the state of our economy, is strong." Biden spoke after the U.S. reported that the number of new jobs created in January rose by 517,000, marking the biggest gain in six months. The unemployment rate slid to a 54-year low of 3.4% from 3.5%, the government reported. That's the lowest level since 1969. The stronger-than-expected jobs figures come as Biden is preparing to deliver a State of the Union speech before a joint session of Congress. on Tuesday night. The address is expected to focus on the debt-limit standoff and recession worries, among other topics. One caveat to the jobs report, meanwhile, is that the government's formula to adjust for seasonal swings in hiring sometimes exaggerates employment levels in January. It's unclear whether that was the case last month. Employment grew even faster in the waning months of 2022 than previously reported, indicating the labor market was still quite robust.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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The iShares MSCI India exchange-traded fund sank 2.2% in afternoon trading Wednesday, putting it on track for the lowest close since July 18, 2022, amid plunges in shares of some Adani-named companies. The biggest loser was coal and power trader Adani Enterprise Ltd.'s stock IN:512599, which plummeted 28.5% in India trading, followed by shares of ports operator Adani Ports & Special Economic Zone Ltd. IN:532921, which slumped 19.7%. The Adani group of companies have been under heavy pressure since short-seller Hindenburg Research, which specializes in bearish stock bets, accused the group of accounting fraud, in a report published Jan. 24, and even after the group issued a 413-page rebuttal. The ETF, which has 113 large- and mid-sized India-based companies as components, has now lost 4.9% since Jan. 24, while shares of Adani Enterprises plunged 38.2% and Adani Ports has slid 35.3%. In comparison, the S&P 500 has gained 1.3% since Jan. 24.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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