Strong US Jobs Lift Dollar and Yields, but Tech Rebound Faces the Real Test
October nonfarm payrolls rose 165K against the 56K consensus, unemployment fell from 4.2% to 4.1% and average hourly earnings strengthened to 0.4% mom. The report strengthens the case for further Fed tightening, but it does not resolve the separate concerns about AI valuations, investment returns and financing risks. Higher Treasury yields add pressure on growth stocks, so whether the tentative technology rebound survives the US cash session is the more consequential question for market sentiment.
Nikkei Enters Bear Market as Asian Rout Hits Aussie — AUD/JPY and AUD/USD Break Support
The Nikkei closed down 5.96% at 57,434.77, entering a bear market, while KOSPI fell 6.02% and TAIEX 4.51%. AUD/JPY and AUD/USD broke key support as the Aussie and Kiwi took the heaviest currency losses, yet the Yen and Won stayed comparatively stable, suggesting the shock is still concentrated in equities and risk-sensitive currencies.
NFP to Test Fed’s 2027 Rate Repricing as Dollar Holds Critical Support
Today's US Nonfarm Payrolls report (forecast +56K, unemployment 4.2%) lands after markets scaled back 2027 Fed hike expectations while keeping a December increase at 68.4%. The Dollar Index has held support at 101.285–101.232 despite falling Treasury yields, and NFP will test whether that resilience can last.
Post-Midterm Rotation Goes Global as Chip Stocks Slide — Can It Take Hold?
The post-midterm rotation spread across major equity markets on Thursday. The selling is concentrated in semiconductor and AI-infrastructure stocks rather than technology as a whole, and the pressures on leveraged infrastructure providers were building before the election. The evidence is consistent with rotation but does not establish a confirmed global shift in investment flows, and major currencies barely reacted.
