Sydney — US and European stocks futures moved higher on Monday as Asian markets lagged, while bonds surrendered some of their recent gains and oil rallied as Saudi Arabia lifted its crude prices.
Chinese blue chips managed a 0.6% gain after state media quoted Premier Li Keqiang as saying Beijing will cut banks’ reserve requirement ratios “in a timely way”. While headline US payrolls had underwhelmed in November, the survey of households was far stronger with a 1.1-million jump in jobs taking unemployment down to 4.2%.
For now, short-term Treasury yields are being pushed higher but the longer-end has rallied as investors wager an earlier start to hikes will mean slower economic growth and inflation over time and a lower peak for the funds rate. The US dollar hit 13-month peaks on the Australian and New Zealand dollars but its index was relatively steady on the majors at 96.214.
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