- Asian stocks were neutral on Friday as selling pressure undermined US stocks and bonds as strong labour market data knocked on hopes for interest-rate cuts.
- Japan's stock market climbed, aided by yen weakening, and China's CSI 300 Index rose for the first time this week. South Korean and Hong Kong stocks fell, while Australian stocks varied. The S&P 500 had its fourth day of losses on Thursday, while the Nasdaq 100 had its fifth day of losses, its worst showing since December 2022. The losses sent a global equity index lower for the third day in a row.
- Treasuries were little changed in Asian trading after the 10-year benchmark yield touched 4% on Thursday as investors re-calibrated Federal Reserve rate-cut estimates in response to solid US private jobs data. According to James Wilson, senior portfolio manager at Jamieson Coote Bonds, the selloff could worsen if Friday's nonfarm payrolls data confirms that markets overestimated expectations for Fed easing.
