Global Stock Market Plummets, Biggest Decline Since April - News18
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MSCI’s global index of stocks fell on Thursday, on track for its biggest one-day percentage decline since April, while Treasury yields rose as a surge in U.S. private payrolls fueled concerns that interest rates would stay higher for longer. Payroll company ADP said June private payrolls rose 497,000, far exceeding economists’ expectations for a 228,000 increase and 267,000 in May. The Labor Department said initial claims for state unemployment benefits rose 12,000 to a seasonally adjusted 248,000 for the week ended July 1, but the prior week was revised to show 3,000 fewer applications than reported. Compounding worries that this would lead to a more hawkish central bank, Federal Reserve Bank of Dallas President Lorie Logan said on Thursday that a continued above-target inflation outlook and a stronger-than-expected labor market “calls for more-restrictive monetary policy." U.S. Treasury yields climbed after the labor market data boosted expectations for aggressive Fe