U.S. Job Market Surges, Eases Fed Rate Cut Expectations

The U.S. economy saw significant job growth in September, reducing expectations for a Federal Reserve rate cut. The Bureau of Labor Statistics reported 254,000 new nonfarm payroll additions. Rising tensions in the Middle East affected oil prices, while Wall Street markets saw an uptick.

The global equities market witnessed an upsurge as MSCI's index rose on Friday, spurred by unexpected job growth in the U.S. economy for September, which quelled beliefs of a forthcoming Federal Reserve rate cut.

Data from the U.S. Bureau of Labor Statistics shows an impressive 254,000 workers added to nonfarm payrolls. This exceeded economist estimates and suggested economic strength, ultimately affecting U.S. Treasury yields as traders reconsidered potential rate cuts by the Federal Reserve.

Geopolitical tensions in the Middle East nudged oil prices higher, as regional conflicts continue influencing global crude supplies. The global currency markets also showed movements with a strengthened U.S. dollar, impacting other currencies like the euro and Japanese yen.

(With inputs from agencies.)