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US jobs data cloud outlook for growth

Stronger-than-expected US employment figures on Wednesday initially signalled resilient momentum in the world’s largest economy, but hefty downward revisions to last year’s job creation painted a more subdued picture for the labour market and future growth. US equities finished Wednesday’s session mixed and directionless, while gold prices slipped on Thursday as traders pared back expectations for an imminent Federal Reserve rate cut and Treasury yields steadied after a spike a day earlier. Asian equity markets were broadly firmer on Thursday, driven by technology and artificial intelligence optimism, while European stocks eased slightly.

  • Data
  • Autore Shane Strowmatt, Senior Investment Writer
  • Tempo di lettura 5 minuto

US labour market report newspaper

US nonfarm payrolls increased by 130,000 in January, roughly double what the market had forecast, while the unemployment rate eased to 4.3% according to data released on Wednesday. Revised figures showed the economy added only 181,000 jobs in 2025, sharply down from an initially reported 584,000 and marking the weakest annual job creation outside a recession since 2003. Hiring last month was heavily concentrated in healthcare and social assistance, which together generated 124,000 positions, while many other industries saw modest gains or outright losses and government employment continued to decline. The strong headline number appears to overstate any improvement in labour-market conditions, particularly in light of the large downward revisions that imply more than one million fewer jobs by the end of 2025 than previously estimated. Gold prices fell after the US employment figures for January led traders to scale back expectations for an early Federal Reserve rate cut. Gold was down 0.6% to around USD 5060 per ounce, while silver was 1.3% weaker near USD 83 per ounce. The US dollar was little changed, while Treasury yields stabilised after spiking on Wednesday, with with the 2-year yield around 3.5%, the 10-year yield near 4.2%.

US stocks mixed after labour data

US equities ended mixed on Wednesday after the US employment figures for January failed to give markets clear direction. The Dow Jones Industrial Average slipped 0.1% to 50,121.40 points after briefly falling below the 50,000 mark, while the S&P 500 closed virtually unchanged and the technology-heavy Nasdaq 100 added 0.3%, supported by a roughly 10% jump in memory chip maker Micron following upbeat comments on demand and HBM4 production.

Asia stocks rise on AI and policy optimism

Asian equities advanced on Thursday, led by South Korea’s KOSPI, which jumped nearly 3.1% to a new record as technology bellwether Samsung Electronics climbed more than 6% to an all-time high on optimism over its next-generation HBM4 memory roadmap and broader artificial intelligence demand. Japan’s Nikkei 225 briefly traded above 58,000 points for the first time, but was up just 0.1% later in the session, supported by expectations that Prime Minister Sanae Takaichi’s pro-growth agenda and loose financial conditions will underpin exporters and cyclical shares. Australia’s S&P/ASX 200 was up 0.3%, whereas Hong Kong’s Hang Seng Index was down 1%. Mainland China’s CSI 300 was trading 0.1% higher and India’s Nifty 50 was 0.5% lower.

Euro-area stocks ease after US jobs data

European equities ended slightly lower on Wednesday after the mixed US labour market figures unsettled interest rate expectations, with the EuroStoxx 50 slipping 0.1% and Switzerland’s SMI adding 0.4%. Dutch supermarket group Ahold Delhaize led gains in the EuroStoxx 50, surging 11.6% after reporting a surprisingly strong fourth-quarter profit and outperforming weak US consumer trends despite a drag from the US dollar. Technology stocks weighed on the index, with payments group Adyen down 6.5%, German software provider SAP falling 5.2%.

Corporate and economic calendar

Corporate news in focus: Quarterly figures from Airbnb.

Economic data in focus: UK gross domestic product (08:00), UK manufacturing production (08:00), UK trade balance (08:00), US weekly initial jobless claims (14:30) and US existing home sales (16:00).

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Publisher: LGT Bank (Switzerland) Ltd., Glärnischstrasse 36, CH-8027 Zurich
Editor: Alessandro Fezzi
Source: LGT Bank (Switzerland) Ltd.