Weak US employment report sends global markets careening off track

Indian markets also fell more than 1 per cent on Friday, with the benchmark National Stock Exchange Nifty ending at 24,718

Weaker-than-expected US jobs data has put global markets on a slippery slope. Over the past two days, US, European, and Asian markets have dropped more than 3 per cent. The two-year US Treasury yield has decreased by 15 basis points, and oil prices have also declined.

In July, the US, the world’s largest economy, added just 114,000 jobs, falling short of the Street’s projection of 175,000. This data has fuelled concerns about a hard landing in the US and fears that the Federal Reserve (Fed) may be behind the curve in avoiding a recession.

Indian markets also fell more