Stocks set for strongest week of 2023 on interest rate cheer

FILE PHOTO: A woman walks past a man examining an electronic board showing Japan's Nikkei average and stock quotations in TokyoSINGAPORE - Stocks were headed for their biggest weekly rise in a year on Friday, while bonds rallied and the dollar was on the back foot as investors cheered a pause in U.S. interest rate hikes.Benchmark 10-year Treasury yields are down more than 20 basis points in two sessions since the U.S.

"As logical as that is ... Powell did warn that for higher bond yields to forestall another hike, they'd need to stay high, so markets can't have their proverbial cake and eat it too." Ten-year gilts had their sharpest rally in more than a month, sending yields almost 12 basis points lower to 4.39%. Ten-year German bund yields also fell on Thursday, though only by 4.6 bps to 2.71%.

The Australian dollar is up 1.5% to $0.6430 and has broken above its 50-day moving average. The New Zealand dollar is not far behind with a 1.4% gain to $0.5892. The Bank of Japan will continue to dismantle its ultra-easy monetary policy next year, six sources familiar with the BOJ's thinking told Reuters, though the slow progress has been cold comfort for a yen weighed down by Japan's low interest rates.

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