Bonds & Stocks
Stocks tumbled around the world, bonds surged and oil hit a four-year low, with China stepping up its the fight against President Donald Trump’s trade war to intensify concerns about the economy despite signs of a solid jobs market.
Economy
US job growth beat forecasts in March in a broad advance, pointing to a resilient labor market before the global economy gets hit by widespread tariffs. Nonfarm payrolls increased 228,000 last month after downward revisions to the prior two months, according to Bureau of Labor Statistics data out Friday. The figure exceeded all estimates in a Bloomberg survey of economists. The unemployment rate ticked up to 4.2% as the participation rate climbed. Pay gains were firm.
World
China retaliated against US President Donald Trump’s latest tariffs with a slew of measures, including levies on all American goods and export controls on rare earths, dealing a fresh blow to global markets. President Xi Jinping’s government will impose a 34% tariff on all imports from the US starting April 10.