Stocks climb in calm before potential US payrolls storm

SINGAPORE - A lull in bond selling stretched into Asia trade on Friday, but may not last the day as investors waited on U.S. jobs data that could add to the case for keeping interest rates high for some time.

U.S. economic data has been mixed lately, though markets have been especially wary that signs of resilience could justify holding rates elevated for longer or even hiking interest rates, and 10-year U.S. Treasury yields are up 55 basis points in five weeks. That would probably unleash another round of bond selling and send the dollar higher thanks to both rising yields and the safety factor of holding greenbacks.

Japanese money-market data showed no anomalies of a kind that might have been expected were there a large purchase of yen, suggesting there was no direct intervention in spot trade. But the move was eye-catching enough to keep traders on their guard.Ten-year Treasury yields held at 4.72%. Gold was also steady at $1,822 an ounce after nine days of losses driven by rising global bond yields. [GOL/]

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