Global markets steady as all eyes turn towards US jobs report
A four-year high in oil prices and the biggest weekly jump in treasury yields since February has investors unsure where to go next
London— World markets steadied ahead of US jobs numbers on Friday, as a four-year high in oil prices and the biggest weekly jump in treasury yields since February left investors wondering where to go next. The usual drop in activity ahead of the monthly nonfarm payrolls could not prevent Europe’s main bourses following Asia into the red — but it was not the deep shade of crimson of the previous day. Lingering worries about Italy’s finances pushed Milan down 0.9%, while London’s FTSE, Frankfurt’s DAX and the CAC in Paris were off 0.6-0.8% and Wall Street futures were modestly weaker. It was the bond and currency markets, though, where the attention was really trained. The dollar barely budged against its main sparring partners the euro and the Japanese yen after testing a 10-week high, but rising bond yields — which drive the global cost of borrowing — were causing a headache again. Benchmark US treasury yields were at a seven-year top and on their way to their biggest weekly yield r...
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