The bond blast upending world markets has been partly smothered by sharply falling oil prices for now - but September's U.S. employment report will dictate direction from here.
But to the extent the oil price is flagging renewed concerns about global growth - in part due to the relentless rise in borrowing rates - can be seen in a retreat in commodity prices in general. Copper prices fell to their lowest of the year on Thursday and core commodity indexes are back at August levels.
All of which sees U.S. bond yields retain an uneasy calm into the jobs numbers. Ten-year yields hovered about 4.75% on Friday - still off Tuesday's peak at 4.88%. And that mixed picture of fiscal dysfunction and a potential economic hiatus from furloughing thousands of government workers is the backdrop to Treasury secretary Janet Yellen's trip to the annual International Monetary Fund and World Bank meetings in Morocco next week.
A Kremlin propagandist faced backlash from Siberian officials after saying Russia should detonate a nuke in its own territory
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Marketmind: Nervy bond bounce on soft jobs and oilBattered Treasury bonds caught a bid over the past 24 hours on surprisingly soft U.S. jobs data and the biggest recoil in oil prices this year - but risk premia are mounting on a worrying cocktail of fiscal and monetary policy uncertainty. Any signs of a crack in the jobs market may be enough to stay the Federal Reserve's hand in raising policy rates one last time this year - as many Fed officials still suggest it might. Fed futures to the end of next year all fell back on Thursday and now see less than a 50% chance of another hike in the cycle.
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Oil demand: We are still in an oil bull market, analyst explainsOil demand remains high despite inflation and other economic pressures keeping consumers on tightened budgets. Claudio Galimberti, Rystad Energy SVP & Head of Americas Research, joins Yahoo Finance Live to share his oil demand predictions for 2024. 'We are still in that phase' of an oil bull market, Galimberti tells Yahoo Finance, making a callback to previous comments on the energy market's reaction to OPEC's production cuts. Galimberti predicts a 'very sizable' rate of oil demand heading into 2024, coinciding with forecasts for extended production cuts from Saudi Arabian producers. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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Marketmind: Bond steamroller flattens allA look at the day ahead in U.S. and global markets from Mike Dolan The eye-watering surge in long-term U.S. government borrowing costs continues to pummel ...
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Marketmind: A welcome calm, but keep your umbrella handySome welcome calm in markets on Friday, but the worry is that it precedes a storm: U.S. payrolls data looms large at a time when questions about just how hawkish the Fed needs to be has whipsawed every asset class. It has already been an exhausting week, witnessing Treasury yields march to ever higher 16-year peaks, crude oil collapse from near $100 a barrel, world equities dip to the lowest since March, and the yen mysteriously bounce from the closely watched 150 per dollar level. Today, U.S. yields have found a place to rest at 4.72%, the yen is sitting comfortably around 148.50, and Brent is building a floor above $84.
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Marketmind: A welcome calm, but keep your umbrella handyExplore stories from Atlantic Canada.
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