Stocks rise, dollar falls as bond selloff abates: Markets wrap

European equity futures tracked Asian shares higher after stocks and bonds rallied on Wall Street, bringing some relief to financial markets after a series of punishing losses. Traders’ focus now turns to Friday’s US jobs data.

The dollar fell against all its Group-of-10 peers, with the yen strengthening as much as 0.6%. Traders had speculated about official Japanese intervention in the market Tuesday when the currency spiked higher after touching 150 per dollar. However, early indications show that may not have been the case.

The easing of Treasury yields was helped by economic data that prompted traders to scale back forecasts for Federal Reserve tightening this year. US companies added the fewest number of jobs since the start of 2021 in September, according to a survey from the ADP Research Institute in collaboration with Stanford Digital Economy Lab. A separate report from the Institute for Supply Management showed the services sector pulled back modestly last month to the lowest level this year. Friday’s nonfarm payrolls figures are forecast to show hiring slowed in September.

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