Stocks Sag As Weak US Jobs Data Adds To Omicron Worries

New York, Dec 4 (UrduPoint / Pakistan Point News - 4th Dec, 2021 ) :Global stocks finished a volatile week on a downcast note Friday, sunk by festering worries over the Omicron variant and disappointment at the most recent US job growth figures.

The latest Covid-19 variant has been detected in 38 countries but no deaths have yet been reported, the WHO said, as authorities worldwide rushed to stem the spread of the heavily mutated Covid-19 strain.

"Investors are clearly still anxious about the Omicron variant, despite anecdotal evidence suggesting symptoms are less severe" than first thought, said Craig Erlam, analyst at Oanda trading group.

"Heading into the weekend, when we could get more information on the new strain, it's natural that we're seeing more caution." IMF chief Kristalina Georgieva warned the latest virus strain could slow the global recovery, noting that "a new variant that may spread very rapidly can dent confidence." Bourses in Paris, Frankfurt and London all declined.

Wall Street stocks also had a difficult day, with the tech-rich Nasdaq leading major indices lower.

All three US indices finished with weekly losses in a period that also saw the Federal Reserve signal a plan to accelerate the withdrawal of its monetary stimulus and potentially hike rates sooner.

Wall Street investors shunned highly valued tech shares after DocuSign offered a disappointing outlook and signaled that demand for its e-signature business was ebbing after a strong run during the worst of the Covid-19 pandemic.

Shares of the company plunged more than 40 percent, while other tech Names like Adobe and several chipmakers were also hammered.

"The growth stocks are driving the declines," said Briefing.

com analyst Patrick O'Hare, who also cited lingering unease over the Omicron variant of Covid-19 and disappointment that Thursday's rally in equities was not extended.

Friday's much-anticipated jobs report showed the US economy added just 210,000 jobs last month, less than half the increase forecasters expected.

But analysts characterized the report as better than the headline figure, noting the unemployment rate dropped to 4.2 percent, a decline of four-tenths of a point from the prior month. The labor force participation rate also rose to its highest level since the pandemic.

"Looking past the disappointing headline print, the details of the November jobs report painted a more optimistic jobs picture," Oxford Economics said in a note.

- Key figures around 2040 GMT - New York - Dow: DOWN 0.2 percent at 34,580.08 (close) New York - S&P 500: DOWN 0.8 percent at 4,538.43 (close) New York - Nasdaq: DOWN 1.9 percent at 15,085.47 (close) London - FTSE 100: DOWN 0.1 percent at 7,122.32 (close) Frankfurt - DAX: DOWN 0.6 percent at 15,169.98 (close) Paris - CAC 40: DOWN 0.4 percent at 6,765.52 (close) EURO STOXX 50: DOWN 0.7 percent at 4,080.15 (close) Tokyo - Nikkei 225: DOWN 1.0 percent at 28,029.57 (close) Hong Kong - Hang Seng Index: DOWN 0.1 percent at 23,766.69 (close) Shanghai - Composite: UP 0.9 percent at 3,607.43 (close) Brent North Sea crude: UP 0.3 percent at $69.88 per barrel West Texas Intermediate: UP DOWN 0.4 percent to $66.26 per barrel Euro/dollar: UP at $1.1313 from $1.1301 at 2200 GMT Dollar/yen: DOWN at 112.80 Yen from 113.11 yenPound/dollar: DOWN at $1.3236 from $1.3305Euro/pound: UP at 85.44 pence from 84.94 pence