November 1, 2024
United States:
Treasuries Soar as Distorted US Jobs Data Fuels Bets on Fed Cut
US government debt rallied after the economy generated just 12,000 jobs last month amid storms and strikes, leaving intact expectations that the Federal Reserve will lower interest rates next week.
Treasuries advanced on Friday, led by the short-end, pushing the yield on policy-sensitive two-year notes lower by as much as 10 basis points.
United Kingdom:
UK Bond Rout Abates as High-Stakes Budget Week Draws to a Close
A sharp selloff in UK bonds that sent borrowing costs to their highest in a year ran out of momentum on Friday. After initially slipping a third day in a rebuke of Labour’s plans for higher borrowing and spending, the bond market stabilized and then followed US Treasuries higher after a weak US jobs report.
That left the yield on benchmark 10-year gilts near 4.40% — almost 20 basis points higher than five days ago.
Asia:
China Stimulus Gives Manufacturing a Shot in the Arm
China’s first major economic indicators after authorities unveiled their recent stimulus push suggest the economy has stabilized somewhat, with manufacturing and housing sectors showing tentative signs of recovery.
Both official and private measures of factory activity in October exceeded analyst expectations, while home sales saw their first rise this year.
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