Global stocks were under pressure on Friday ahead of a U.S. jobs report later on that could exacerbate or ease the sell-off in the global bond market, while the pound headed for a fourth daily drop, after British debt yields soared to 16-year highs.
Nasdaq futures and S&P 500 futures were down 0.3% to 0.4%, indicating a softer start on Wall Street later, where markets closed overnight to mark the funeral of former U.S. President Jimmy Carter. Analysts at ING believe a result below 150,000 new jobs would be needed to stop Treasury yields from rising further.
In Asia, Japan’s Nikkei fell 0.9%, taking its weekly loss to 1.6%, while the MSCI index of Asia-Pacific shares outside Japan closed 1.2% lower on the week. This had little bearing on market pricing, as traders have already only priced in around 43 basis points of U.S. rate cuts for 2025. Concerns about President-elect Donald Trump’s potentially inflationary agenda have helped set these expectations and have been at the heart of this week’s rise in long-term bond yields.
The pound fell for a fourth day on Friday, dropping 0.1% to $1.22915, having hit its lowest since November 2023 overnight, as concern has mounted over Britain’s finances in light of the sharp increase in government borrowing costs, which outweighed the appeal of higher returns on UK assets.
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