Stocks cheer China trade relief, bonds face debt deluge

LONDON/SYDNEY: World shares climbed on Thursday after Chinese exports proved far stronger than even bulls had imagined, while bond investors were still daunted by the staggering amount of U.S. debt set to be sold and a tussle over ECB bond buying.

E-Mini futures for the S&P 500 fared better with a bounce of 1.2per cent, though there were ominous signs too. Turkey's lira fell to a record low amid worries about its dwindling reserves, oil was back under US$30 a barrel and Italy's bond yields hit 2per cent again. Figures due later on Thursday are forecast to show initial U.S. jobless claims rose a further 3 million last week, while Friday's payrolls report is expected to see 22 million jobs lost and unemployment hit 16per cent or higher.

Yields on 30-year bonds jumped 7 basis points to 1.40per cent, the largest daily increase since mid-March, while rise in Italy's yields to over 2per cent reflected worries caused by a German court ruling this week targeting the European Central Bank's bond purchase programme. Indeed, the single currency sank to its lowest against the Japanese yen since late 2016 at 114.40 , and even the dollar touched a seven-week trough at 105.98 yen .

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