Global stock markets experienced a downturn as investors adjusted their expectations for Federal Reserve interest rate cuts in 2025 following a robust U.S. jobs report. The report, which showed stronger-than-expected job growth, led to a rise in bond yields and a reassessment of the likelihood of rate reductions. In Asia, the ASX 200 and KOSPI fell by 0.8% each, reflecting the negative sentiment. Wall Street also opened lower, with the Dow Jones Industrial Average declining by 0.03%, the S&P 500 by 0.77%, and the Nasdaq Composite by 1.35% at the start of trading. The tech sector was particularly affected, with the Nasdaq experiencing significant losses. In the UK, the FTSE 100 dropped by 0.29% amid rising gilt yields, with the 10-year gilt yield reaching 4.9% and the 30-year gilt yield hitting 5.473%, and a weakening pound, which hit a 14-month low at $1.21 against the dollar. The situation was compounded by increasing mortgage rates, with the average 30-year fixed rate reaching 7.26%, the highest since May.