In Asian Equity Markets stocks fell sharply on Monday, with Chinese chipmakers leading declines on new U.S. trade curbs, while broader sentiment was dented by fears of more hawkish measures from the Federal Reserve. The blue-chip Shanghai Shenzhen CSI 300 index sank 0.9 percent, while the Shanghai Composite index shed 0.4 percent. Hong Kong stocks were also rattled by the move, with the Hang Seng index losing nearly 3 percent. Australia’s S&P/ASX 200 index fell 1.4 percent, with miners suffering heavy losses on the prospect of weakening demand in China.

In Currency Markets the dollar held its ground on Monday as investors set their sights on data later in the week that is expected to show red-hot inflation after a strong U.S. labour market reinforced bets on higher interest rates. The Aussie fell 0.3 percent to a 2-1/2 year low of $0.6347 in early trade in Asia that was thinned by a holiday in Japan. Sterling fell 0.1 percent to $1.1077. The yen was last at 145.46 per dollar. The New Zealand dollar touched a two-week low of $0.5593. The euro fell below $0.98 on Friday and was last at $0.97335. The U.S. dollar index was up 0.009 percent at 112.82.

In US Equity Markets stocks fell sharply on Friday following a solid jobs report for September that increased the likelihood the Federal Reserve will barrel ahead with an interest rate hiking campaign many investors fear will push the U.S. economy into a recession. The Dow closed down 2.11 percent, at 29,296.79, the S&P 500 lost 2.80 percent, to 3,639.66 and the Nasdaq Composite fell 3.8 percent, to 10,652.41. The Philadelphia SE Semiconductor index fell 6.06 percent after a revenue warning from Advanced Micro Devices signaled a chip decline could be worse than expected.

In Commodities Markets oil prices jumped about 4 percent to a five-week high on Friday, lifted again by an OPEC+ decision this week to make its largest supply cut since 2020 despite concern about a possible recession and rising interest rates. Brent futures rose 3.7 percent, to settle at $97.92 a barrel, while U.S. WTI crude rose 4.7 percent, to end at $92.64. Spot gold was down 0.6 percent at $1,700.03 per ounce. Silver eased 2.3 percent to $20.21 per ounce. Platinum fell 0.7 percent to $915.44, but was still headed for its best week since June 2021. Palladium lost 3.1 percent to $2,191.17.

In European Equity Markets stocks fell sharply on Friday, after strong growth in U.S. jobs strengthened the case for the Federal Reserve to keep raising interest rates aggressively in its quest to stamp out high inflation. The continent-wide STOXX 600 index was down 1.2 percent, logging a third straight session of declines. Credit Suisse rose 5.4 percent after the lender said it would buy back up to 3 billion Swiss francs ($3 billion) of senior debt securities, making a show of strength as it seeks to reassure investors after a tumultuous week.

In Bond Markets the yield on the benchmark U.S. 10-year Treasury note rose on Friday, after a solid report on the labor market largely extinguished any remaining hopes, the Federal Reserve would alter its path of aggressive interest rate hikes as it seeks to combat inflation. The yield on 10-year Treasury notes was up 6.4 basis points to 3.888 percent. The yield on the 30-year Treasury bond was up 5.1 basis points to 3.844 percent. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 6 basis points at 4.310 percent.