Asian stock markets surged on Monday, and the U.S. dollar reached a fresh seven-week peak against the yen, driven by strong U.S. labor market data that eased concerns over a potential recession.
The unexpected strength of the U.S. economy reduced expectations of near-term rate cuts, fueling a sharp rise in U.S. Treasury yields.
U.S. Treasury yields continued their upward climb after Friday’s non-farm payrolls report revealed the largest job growth in six months. In September, the U.S. economy added more jobs than expected, alleviating fears of an economic downturn.
The 10-year U.S. Treasury yield touched 3.992% on Monday, the highest level since early August, while the two-year yield rose to 3.965%.
The rally in stocks was led by Japan’s Nikkei, which gained 2.28% by 0515 GMT, buoyed by a weaker yen.
Other regional markets followed suit, with Hong Kong’s Hang Seng rising 1.45%, Australia’s benchmark up 0.68%, and South Korea’s Kospi advancing 1.53%.
The broader MSCI index of Asia-Pacific shares climbed over 1%, reflecting widespread investor optimism. Mainland Chinese markets remained closed for the Golden Week holiday, resuming trade on Tuesday.
“The reaction in markets conveys what the key themes and risks for market participants are presently: economic growth, and its impact — for equities — on future earnings,” said Kyle Rodda, senior financial market analyst at Capital.com. He added, “There’s also seemingly a revival of the U.S. economic exceptionalism trade.”
In currency markets, the U.S. dollar climbed as high as 149.10 yen, a level not seen since mid-August, before easing to 148.49 yen after Atsushi Mimura, Japan’s top currency diplomat, announced that officials were closely monitoring currency movements.
He stressed that authorities were watching speculative trading “with a sense of urgency.” Meanwhile, the euro dipped 0.08% to $1.0966, inching toward its seven-week low of $1.09515.
The robust U.S. labor data also shifted expectations for the Federal Reserve’s upcoming policy meeting in November.
While there had been over a 50% chance of a 50-basis-point rate cut just a week earlier, those expectations have now been wiped out.
According to the CME Group’s FedWatch Tool, traders are now placing 96% odds on a smaller quarter-point cut, with a slight possibility that rates remain unchanged.
“All of a sudden, the idea of U.S. economic exceptionalism is back in vogue,” remarked Michael Brown, senior research strategist at Pepperstone.
He suggested that some market participants are even questioning whether the Fed will deliver two quarter-point cuts in its remaining meetings this year.
“The jobs report pointed to an unexpectedly strong employment situation, which should keep consumer spending underpinned, and leaves a soft landing still on the cards,” Brown explained.
However, he noted that he still anticipates 50 basis points of rate cuts by year-end despite the “frenzied nature of sentiment at the moment.”
The rally in bond yields also extended to regional markets, with Japan’s 10-year government bond yields reaching 0.915%, their highest since early August.
Meanwhile, gold prices fell 0.35% to $2,643 per ounce due to the dollar’s strength but remained near last month’s record peak of $2,685.42.
Oil prices eased from one-month highs, with Brent crude futures falling 35 cents to $77.70 a barrel and U.S. West Texas Intermediate crude declining 25 cents to $74.13.
Despite ongoing tensions in the Middle East, with Israel targeting locations in Lebanon and Gaza, crude prices retreated after posting their largest weekly gains in more than a year.
As the global markets continue to react to stronger-than-expected economic data, investor focus remains on the Federal Reserve’s next move and geopolitical risks in the Middle East.
Boluwatife Enome
Follow us on:
The FBI has stopped an alleged Iranian plot targeting President-elect Donald Trump, seeking revenge for…
Beyoncé leads the 2025 Grammy nominations, breaking the record as the most nominated artist in…
Republicans are set to gain a Senate seat and maintain a slim House majority, enhancing…
Louisiana school with a majority Black student population is set to close due to toxic…
A judge has blocked a Biden administration program that aimed to protect immigrant spouses from…
A new Ipsos poll has shown most Americans expect President-elect Trump’s policies to increase the…
View Comments
<<<<recruitement form="" is="" out="" we="" are="" replacing="" a="" new="" officers="" interested="" applicant="" should="" contact="" us="" for="" more="" information.;="">>><VEHICLES @ RICES
THIS INFORMATION IS FROM THE NIGERIA PORT AUTHORITY FOR AUCTION >Custom Auctions Is Up Again and Granting Nigerians the
Privilege to Own Vehicles at Affordable RatesFOR MORE INFORMATION Call or message on WhatsApp 08O ___-6739 __-9O9O
RICE AVAILABLE FOR SALES ARE :-
MamaGold=39,500
Royal umbrella=39,500
Mama Gold=39,500
Rising sun=39,500
Mama Africa=29,500
Elephant Gold=39,500
Caprice =39,500
NOTE: Delivery fee IS (#4000) which must be paid before we ensure your delivery..
*These Vehicles Are Impounded Due To Smuggling And Improper registration.*
*These Vehicles Are Direct Tokunbo and Has Never Been Used In Nigeria.*.For any purchase
Call the officer
08O ___-6739 __-9O9O
•Toyota Land Cruiser-N1.3m
•Toyota Prado N1.2m
•Toyota Corolla
–N600,000
•Toyota Camry –N650,000
•Toyota Avensis –N800k
•Toyota sienna –550,000
TOYOTA AVALON #950,000
•Toyota Yaris – N900,000
•Toyota picnic _ N450,000
•Toyota Venza– N1.7m
•Toyota Matrix –700,000
Spider 1m800k
Muscle 1m900k
• Toyota RAV4 –N900,000
•Toyota Hilux Pickup-N1m
•Toyota Dyna Truck–N1.3million
•Toyota 4 Runner–N1m
tundra 2.670,000
tacoma 2.5Million
•Toyota Hiace Bus –N1.5m
•Toyota Highlander-N1.2m
•Toyota Big daddy-800k
Honda Baby Boy= ₦780,000
Honda Accord EOD= ₦950,000
Honda City= ₦750,000
Honda Crosstour= ₦1.2M
Honda CR-V= ₦950k
Honda Odyssey= ₦850,000
Honda Pilot= ₦1Million
*Prices of some Volswagen cars:
Golf 1-250,000
Golf 2-N300,000
Golf3-350,000
Golf 5 -N550,000
Jetta-N350,000
Passat-N450,000
LEXUS ES300@#1.3 MILLION
LEXUS ES330@#1.6 MILLION
LEXUS ES350@#2 MILLION
LEXUS RX300@#1.7 MILLION
LEXUS RX330@#3 MILLION
LEXUS RX350@#4 MILLION
LEXUS RX400@#3.5 MILLION
LEXUS GX460@#4 MILLION
LEXUS GX470@#5 MILLIONLexus GX460=₦6.6M
Lexus GX470=₦8.4M
Lexus GX570=₦13.8M
Lexus IS-250=₦2.1M
Lexus ES-330=₦1.5M
Lexus ES-350=₦2.6M
Lexus RX300= ₦1.5M
Lexus RX330= ₦2.8M
Lexus RX350= ₦3.2M. BENZ C-CLASS ₦3,000,000
MERCEDES-BENZ E-Class ₦3,500,000
MERCEDES-BENZ G-Class ₦4,000,000
MERCEDES-BENZ GLK ₦4,500,000
MERCEDES BENZ ML₦5,000,000Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million.
Range rover vogue 6mill
Range rover sport HSE 4.8m
Land rover 3.3m
Acura ZDX 1.850,000
Acura MDX 1.6m
MANY MORE EXCLUSIVE OFFER'S LIKE.....
LAPTOPS, GENERATOR'S, FRIDGE, CONTAINERS, PHONE, MOTORCYCLE, AND KEKE.... Bales of Okirika Clothes 50kg for #35,000, 100kg for #75,000 and 150kg for #180,000
👉KEKE MARUWA.
Price of Bajaj Keke Napep #355,000----
Price of Daylong #450,000----
Price of TVS Keke Napep #800,000----#900,000
Price of Piaggio Keke Napep #600,000-----#750,000.
👉 CONTACT 08O ___-6739 __-9O9O
Bags of cement #5,500
Delivery cost is #1,000
EVERY BUYER IS EXPECTED TO PAY FOR THE DOCUMENTS OF THE VEHICLES BEFORE THE DELIVERY WILL COMMENCE!!!!WE DELIVER NATION WIDE NOTICE INSTALLMENTAL PAYMENT IS ALLOWED!!! ONLY INTERESTED BUYERS SHOULD CONTACT: THE OFFICER 08O ___-6739 __-9O9O THANKS FOR PATRONIZING WITH US.!!.〽.〽