US jobs data drags markets lower on rate rise forecasts

US jobs data drags markets lower on rate rise forecasts

US jobs data drags markets lower on rate rise forecasts Gains for financial stocks were soon outweighed by global shockwaves as the US revealed strong jobs data prompting forecasts of a June rate rise by the Fed. The scenario was expected and when added to the landscape of volatility a downward spiral was inevitable. Gold mining stocks were punished as investors pulled away from the safe haven and oil also slipped back after some earlier gains. Earlier in the day Asian markets had a mixed close as concern grew over China’s sluggish growth while Europe had started positive on ECB easing before some indexes fell with Wall Street.

The S&P/TSX Composite Index closed 150.6 (1.0 per cent)

The NYSE closed lower

Oil is trending lower (Brent $59.78, WTI $49.69 at 4.15pm)

Gold is trending lower

The loonie is valued at U$0.79280