Asia Markets Rally as Fed Rate Signals Awaited
Markets in Asia staged a relief rally on Thursday as investors await fresh signals from the Federal Reserve on interest rates. The market's immediate focus is Friday's pivotal US payrolls report, which follows disappointing private labour data for August. Fed board governor Christopher Waller is due to speak after Federal Reserve Bank of New York president John Williams tempered expectations of a hike this month.
Japanese government bond yields slid from historic peaks, tracking a recovery in Treasuries overnight ahead of an auction of super-long debt. Oil edged lower from elevated levels as uncertainty prevailed over renewed military strikes between the US and Iran.
The yield on benchmark US 10-year notes fell 0.99 basis point to 4.784%, while the yield on the 30-year JGB sank 10 bps to 4.065%. Investors remained on edge over developments in the Middle East, with the US and Iran exchanging their largest barrage of attacks since July.