Asian Markets Rally as Investors Await US Payrolls Report
Markets in Asia staged a relief rally on Thursday as investors await fresh signals from the US Federal Reserve. The rally followed a recovery in Treasuries overnight, ahead of an auction of super-long debt in Tokyo.
The Japanese government bond yields slid from historic peaks, tracking the rise in Treasuries. Oil prices edged lower from elevated levels due to uncertainty over renewed military strikes between the US and Iran.
Investors remain on edge over developments in the Middle East after the US and Iran exchanged their largest barrage of attacks since July. The market's immediate focus is Friday's pivotal US payrolls report, which will provide crucial data for the Fed's decision-making process.
Central bankers are closely watched for signals that could determine whether the Federal Reserve tightens policy this month. Fed Board Governor Christopher Waller is due to speak after Federal Reserve Bank of New York President John Williams tempered expectations of a hike.