Tokyo — Asian stocks advanced on Thursday, tracking solid gains on Wall Street as data pointed to slowing economic growth in the US, bolstering the prospect of rate cuts by the Federal Reserve as soon as July.
A report by payrolls processor ADP showed US companies added jobs in June, but fewer than analysts had forecast, raising concerns the labour market is softening even as the current US economic expansion marked a record run in June. Global sovereign bonds rallied overnight. The 10-year Treasury note yield plunged to 1.939%, a level last seen following Donald Trump’s election as president in November 2016.
The 10-year Italian bond yield hit 1.599%, its lowest since October 2016 as the government eases its budget ambitions. The US commerce department said on Wednesday it is reviewing licence requests from US companies seeking to export products to China’s Huawei Technologies “under the highest national security scrutiny” since the company is still blacklisted.
In the foreign exchange market, the euro traded at $1.1285, near its two-week low of $1.1268 set the previous day.How to use markets tools and data on BusinessLIVE
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