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Stocks stumble, bonds buckle as U.S. payrolls loom

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World stocks slid on Friday to cap a torrid first week of the third quarter for financial markets, with the dollar standing tall and bonds crumbling as the resilience of U.S. jobs data has investors bracing for interest rates heading higher still.

Although yields were lower on Friday, long-dated borrowing costs in Europe and the United States were set to end the week more than 20 bps higher.

"But the UK is doing none of the same. This is amplified by the U.S. self-sufficiency on much of its own food, oil and energy products," he said. Three-year and 10-year Australian government bond yields each rose a dozen basis points on Thursday and a dozen more on Friday to hit decade highs.Broader non-farm payrolls data is due at 1230 GMT on Friday and economists polled by Reuters expect the U.S. economy added 225,000 new jobs in June versus 339,000 in May.497,000 last month, the ADP National Employment report showed on Thursday, against expectations for a 228,000 increase.

 

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