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Global Markets Slide on Sluggish US Hiring and Fresh Trump Tariffs

Poor US payroll gains alongside revived tariffs have intensified expectations for Fed easing; Indian stocks are reeling ahead of the RBI meeting with major corporate earnings looming.

People walk in front of an electronic stock board showing Japan's Nikkei index at a securities firm Friday, Aug. 1, 2025, in Tokyo. (AP Photo/Eugene Hoshiko)
FILE PHOTO: Bull statues are placed in font of screens showing the Hang Seng stock index and stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo/File Photo
A Trader works on the floor of the New York Stock Exchange, Friday, Aug. 1, 2025, in New York. (AP Photo/Yuki Iwamura)
U.S. dollar banknotes are seen in this illustration taken May 4, 2025. REUTERS/Dado Ruvic/Illustration/File Photo

Overview

  • U.S. employers added only 73,000 jobs in July, far below forecasts, and downward revisions to May and June payrolls totaled 258,000 positions.
  • President Trump announced new tariffs of 10%–41% on imports from dozens of countries, set to take effect on August 7, raising inflation and growth concerns.
  • The Federal Reserve kept its benchmark rate at 4.25%–4.5% on July 30, citing tariff-driven price risks, and markets now see an 87% chance of a September rate cut.
  • Foreign portfolio investors withdrew ₹17,741 crore from Indian equities in July, extending a five-week slide that dragged the Sensex and Nifty lower.
  • Investors are focused on the Reserve Bank of India’s August 6 policy decision and Q1 earnings from firms such as Bharti Airtel and Tata Motors for fresh market cues.