Asian Stocks Surge, Dollar Hits 7-Week High
Asian stocks surged on Monday, with the dollar reaching a seven-week peak against the yen. The rally was sparked by robust U.S. labor data, easing recession fears and reducing expectations for rate cuts.
U.S. Treasury Yields & Job Growth
Short-term U.S. Treasury yields rose after U.S. non-farm payrolls data reported the highest job growth in six months. The strong labor market sent Dow futures slightly higher, pointing to continued gains.
Stock Market Highlights
- Japan’s Nikkei: Up 2%, supported by a weaker yen.
- Australia’s Benchmark: Rose 0.12%.
- South Korea’s Kospi: Increased by 0.29%.
- MSCI Asia-Pacific Index: Climbed 0.4%.
Crude Oil & Geopolitical Tensions
Oil prices dipped from recent highs, despite escalating tensions in the Middle East. Brent crude fell to $77.40 per barrel, and U.S. crude dropped to $73.85 per barrel.
Currency Market Movements
The U.S. dollar hit 149.10 yen, the highest since August, while the euro eased to $1.0971. Japan's top currency official pledged to monitor forex movements closely.
Federal Reserve & Interest Rates
Bets on a larger Federal Reserve rate cut in November faded, with traders now predicting a quarter-point reduction or no change, according to the CME FedWatch Tool.
Treasury Yields & Gold Prices
The two-year U.S. Treasury yield reached its highest in over a month at 3.9488%. Gold edged slightly lower to $2,649.29 an ounce.


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