Markets Mixed on Easing Bond Yields and US Unemployment Data Expectations

Published 2023/10/06, 08:21
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Global markets were mixed on Thursday after US Treasury yields eased slightly, but initial jobless claims data out of the US continued to point to a strong labour market, increasing bets of further interest rate increases. Wall Street was trading in the red at 18h50 “as traders refrained from making big bets ahead of the highly-anticipated payrolls report due (today) and as sentiment remains fragile. Initial jobless claims came once again below forecasts at 207 000, remaining close to 7-month lows and pointing to a resilient labour market. At the same time, the bond sell-off appeared to have eased although Treasury yields remain elevated,” reported Trading Economics.

However, markets in Europe and South Africa closed up for the day. While the FTSE 100 and CAC40 closed up, the German DAX fell slightly as “investors continued to show unease with higher bond yields amid growing concerns that higher interest rates will be the new norm for central banks moving forward,” stated Trading Economics.

The FTSE/JSE All Share Index closed up by almost 1% after 4 days of losses boosted by the industrial and financial sectors. However, the rand weakened by about 1% at 18h55 trading at R19.51/USD.

Asian markets closed up slightly on Thursday as investors remained cautious due to bond market volatility and in anticipation of the US unemployment rate to be released later this afternoon.

Gold traded at $1 817.60 an ounce at 19h00, while Brent crude remained around the $84 a barrel mark at the same time.

PSG Wealth Daily Investment Update, 6 October 2023

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