Markets Today

Stronger-than-expected US employment data fueled a sharp market repricing, with global equities falling as investors rotated out of technology stocks. Yields surged and the US dollar strengthened, while Japan's significant liquidation of foreign assets to support the yen was highlighted.

Key Takeaways

• 1.Stronger-than-expected US labour market data (172k payrolls) triggered a hawkish repricing in rates and a sell-off in equities.
• 2.The S&P 500 fell ~2% and the Nasdaq dropped 4% as markets rotated out of mega-cap technology and semiconductor names.
• 3.Japan likely liquidated US$75.6 billion in foreign securities in May to fund yen intervention.

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