Asian stocks were set to track Wall Street gains on Friday, after upbeat corporate earnings took the focus off upcoming data that is expected show the worst U.S. unemployment rate in more than 70 years.
Looming on the market horizon, however, is a report on Friday that is expected to show that the U.S. April unemployment rate jumped to 16per cent as people stayed home to thwart the spread of the novel coronavirus."While the deterioration is known, many will be asking whether risk sentiment can stand such a sticker shock," Tapas Strickland of National Australia Bank said in note on Friday.
"It's a good time to take profits off the table ahead of what is expected to be a historically bad jobs report," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.Oil prices backed off with Brent futures down 26 cents, or 0.9per cent, at US$29.46 a barrel, while U.S. crude lost 44 cents, or 1.8per cent, to US$23.55.
The yield on the benchmark 10-year note fell to 0.633 late on Thursday from 0.713 the prior afternoon. The yield on the 30-year bond fell to 1.3156per cent late on Thursday from 1.413per cent the prior afternoon.
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