Robin Harding and Michael Mackenzie
ft.com
May 5, 2012
Weaker-than-expected US jobs growth hit financial markets and cast a shadow over President Barack Obama’s plans for a formal launch of his re-election campaign this weekend.
US crude oil prices fell more than $4 a barrel and were trading below $100 for the first time since early February after data showed the economy added only 115,000 jobs in April compared with expectations of 162,000. The S&P 500 dropped as much as 1.5 per cent while yields on US and German 10-year government bonds fell.
Mike McCudden, head of derivatives at Interactive Investor, said: “The penny has dropped with investors that the US recovery is not strong enough to lead the world out of the mire.”
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