Asia Markets Plunge Amid Bond Volatility Ahead of US Jobs Data

Asian markets took a hit on Friday as investors grappled with volatility in bond and currency markets ahead of key US jobs data. The benchmark 10-year US Treasury yields surged to their highest since 2002, hitting 5.34 percent before retreating and stabilizing at 5.2512 percent.

The wild swings in bond markets had European stocks reeling, with the spread between French and German sovereign bond yields reaching its widest since 2012. This pushed the euro to a six-month low against the dollar, falling as far as $1.1215.

Ahead of the US nonfarm payrolls data due later in the day, forecasts are centered on a rise of 90,000 jobs in September, with the employment rate expected to remain steady at 4.1 percent. A hot wages print could have significant implications for US rates and the dollar.