European stocks opened higher on Thursday, after a plunge in oil prices and softer U.S. labour data late on Wednesday helped bring U.S. Treasury yields back down from 16-year highs.
Traders are now looking to U.S. jobs data to give clues as to whether the bonds sell-off will continue. U.S. initial jobless claims are due later on Thursday, followed by non-farm payrolls and the unemployment rate on Friday. Analysts said more evidence would be needed to see if the labour market was cooling. ING FX analysts cautioned in a client note that markets may be putting too much weight on Wednesday’s private payrolls data.
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