Asian shares fall after bond and currency swings before US jobs data
SPY•Asian shares fell as investors navigated volatile bond and currency markets ahead of US jobs data, while oil prices remained elevated. The regional index outside Japan dropped 0.5%, Japan’s Nikkei fell 0.7%, and US 10-year Treasury yields eased to 5.2512% after reaching 5.34%.
1. Markets await jobs data
Asian shares fell Friday ahead of US nonfarm payrolls data, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.5% and Japan’s Nikkei down 0.7%. Nasdaq futures rose 0.3% and S&P 500 futures edged up 0.1%.
2. Bond and currency moves
The US 10-year Treasury yield reached 5.34%, its highest since 2002, before retreating to 5.2512% in Asia. The euro fell as fiscal concerns in France pushed the French-German bond yield spread above 140 basis points, its widest since 2012.
3. Oil remains elevated
US West Texas Intermediate crude futures were steady at $92.84 a barrel after rising nearly 3% overnight, while Brent held above $102. The article cited a reported US military buildup in the Middle East and China’s suspension of oil product exports as factors stoking fuel-supply concerns.
