US Economic Data Surprises and Market Reaction
October’s US Nonfarm Payrolls surprised to the upside, with 165,000 jobs added versus a 59,000–65,000 consensus range, while September was revised up to 60,000 from 29,000 and the unemployment rate eased to 4.1% from 4.2%. Markets moved to price roughly a 70% chance of a Federal Reserve rate rise in December, pushing the dollar and Treasury yields higher and driving a broad risk-off shift. US equities sold off, with the S&P 500 down 4.4% to 7,353.73; the Nasdaq Composite and Nasdaq 100 fell about 5.5%, wiping $2.3tn–$2.5tn in market value and moving more than 10% below October peaks. The Dow dropped about 3.4%, down 1,833 points to around 51,523.
Global Market Performance and Asset Movements
Asia tracked the decline: Japan’s Nikkei 225 slid 5.96% to 57,434.77, South Korea’s Kospi fell 6%–8% and ended the week down 11.7% at 5,059.69, and Taiwan’s Taiex lost 4.51% to 39,701.64, while Hong Kong’s Hang Seng eased 1.27% to 24,481.86 and China’s Shanghai Composite and CSI 300 fell 1.10% and 1.44%. India’s Sensex and Nifty 50 gained over 2%. Gold slipped, with spot and futures at $4,050–$4,072, down 0.8%–1.1% from above $4,100 and set against an October average of $4,105. Bitcoin traded near $75,500, with a $74,888–$75,500 range after falling from above $80,000, as tighter liquidity conditions and political risk weighed on digital assets.
