The pan-European Stoxx 600 index fell about 2.4% as investors parsed the strong US labor data.
US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP’s latest National Employment Report released Thursday.
While a strong jobs market despite the Fed’s aggressive rate-hike campaign appears to be a positive economic sign, it is being seen negatively by the markets because the Fed may continue to raise interest rates.
Investors are looking to the government’s June jobs report due Friday for more insight into the state of the labor market.
PacWest Bank slipped 8.6%, New York Community Bank fell 1.7% and KeyCorp slipped about 3%.
Persons:
Stocks, That’s, ”, Matt Dmytryszyn, JPMorgan Chase, Wells, KeyCorp
Organizations:
New, New York CNN, Federal Reserve, Dow Jones, Nasdaq, Treasury, Department of Labor, West Texas Intermediate, JPMorgan, Citigroup, PacWest Bank, New York Community Bank
Locations:
New York