A global sell-off in stock markets intensified on Friday as weaker-than-expected jobs data from America added to fears of a sharp slowdown in the world’s biggest economy.
The report from America’s Labor Department’s showed that non-farm payrolls rose by 114,000 jobs in July, well below Wall Street expectations of an increase of 175,000. The US unemployment rate also ticked higher, to 4.3 per cent, from 4.1 per cent a month ago.
The data came on the back of soft manufacturing figures and disappointing earnings reports overnight from Amazon and Intel which triggered a flight from equities, with investors seeking safe haven assets. Gold rose toward its all-time high of $2483.60 per ounce, while the yield on the benchmark 10-year Treasury bond fell to its lowest