NEW YORK/LONDON, June 7 - Global stocks flirted with an all-time high on Friday even after surprisingly strong U.S. monthly jobs data dimmed hopes that the Federal Reserve will soon follow euro zone and Canadian interest rate cuts, causing Treasury yields to shoot higher.
“It’s a plus for the economy and a plus for corporate earnings, but it’s a negative in terms of the prospects of a rate cut perhaps as early as September.” The benchmark 10-year U.S. Treasury yield , a benchmark for borrowing rates globally, leapt over 14 basis points after the jobs report, to 4.4256%, its biggest one-day jump in about two months.
A September move had been strongly expected earlier in the day, particularly after the European Central Bank made a widely expected decision to cut its deposit rate from a record 4% to 3.75% on Thursday.
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