A softer than expected US non-farm payrolls (aka October’s unemployment print) saw a drop in bond yields and the USD, with Wall Street continuing its reversal to almost make a new two week high. European markets were a little less bullish on news the ECB is likely to hike again. Asian share markets should rally here on the open of the new trading week.
US bond markets saw a major pullback of 10 year Treasuries which fell to the 4.4% level while oil prices continued their recent selloff, with Brent crude back down to the $85USD per barrel level. Gold remained steady despite a falling USD as it tries again to breakout back above the $2000USD per ounce level.
Looking at share markets in Asia from Friday’s session where mainland Chinese share markets held on to their initial gains with the Shanghai Composite closing more than 0.7% higher at 3031 points while in Hong Kong the Hang Seng Index surged more than 2.5% higher at 17664 points.