Asian stocks have retreated after U.S. stocks fell as good news on the job market raised worries over inflation. U.S. futures dropped while oil prices surged more than $1 a barrel. China’s trade surplus expanded for the eighth consecutive year, driven by exports that surged to a record high. The upbeat data failed to boost share prices.
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“Adding to the skittish sentiment is the uncertainty over how Asian economies, especially China, will fare under the shadow of the incoming Trump administration’s ‘America First’ trade policies,” Stephen Innes of SPI Asset Management said in a commentary.On Friday, the S&P 500 tumbled 1.5% to 5,827.04, ending its fourth losing week in the last five. The Dow Jones Industrial Average dropped 1.6% to 41,938.45, and the Nasdaq composite sank 1.6% to 19,161.63.
Such strength in hiring is of course good news for workers looking for jobs. But it could also keep upward pressure on inflation by. That in turn could dissuade the Federal Reserve from delivering the cuts to interest rates that Wall Street loves. Lower rates can not only goose the economy but also boost prices for investments.
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