Premarket: Stocks rally as investors eye interest rate moves

Stocks bounced and government bond yields dropped on Monday as investors looked forward to an interest rate cut from the European Central Bank and possibly the Bank of Canada this week, while U.S. jobs data kept the focus squarely on inflation.

In bond markets, the U.S. 10-year Treasury yield was down 4 basis points to 4.47 per cent and German yields, which touched six-month highs last week, also dropped. “There’s a relatively positive risk tone to start the week, which seems like a continuation of the positive momentum seen on Friday, albeit is somewhat surprising given the bumper calendar of event risk coming up,” said Michael Brown, strategist at broker Pepperstone in London.

Markets also imply around an 80 per cent chance the Bank of Canada will cut at its meeting on Wednesday and about 60 basis points of easing this year, though analysts are hopeful the easing will be even deeper. In Europe, focus was also on a downgrade to France’s credit rating by Standard & Poor’s, but the country’s bonds showed little reaction.

Asian stocks rose on the back of the strong Chinese data, along with prints from Japan and South Korea, while Indian stocks hit record highs.

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