Mainland China shares climbed after closing the month over 5% lower, with financial and real estate stocks leading the gains. The Hong Kong stock market is shut on what may be the strongest storm to hit the city in at least five years.
Investors also welcomed moves by the government to allow the nation’s largest cities to cut down payments for home buyers and encouraged lenders to lower rates on existing mortgages as well as on deposits. Bank of China Ltd. and several other major lenders followed through by lowering deposit rates. The 10-year yield had extended its retreat Thursday after recently hitting levels last seen in 2007 while an index of dollar strength had its best month since February. Treasuries steadied during Asian trading, while the dollar ticked lower.
Wall Street is now bracing for Friday’s labor-market data, which will provide further insights on the Fed’s next steps. The report is forecast to show employers boosted their payrolls by nearly 170,000 in August, while the unemployment rate held at a historic low of 3.5%.The Fed may be slower to cut rates than many market participants expect, said Bridgewater Associates Co-Chief Investment Officer Karen Karniol-Tambour.
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