Asian shares shaken as bonds continue their march higher

Asian shares shaken as bonds continue their march higher

Asian shares shaken as bonds continue their march higher

The Department of Labor said employers added significantly more jobs in July and August than it previously thought, which made up for a slightly disappointing gain in September. "I think we will have a defensive, bumpy session going into Friday's unemployment data", said Peter Cardillo, chief market economist at Spartan Capital Securities in NY.

Canada's main stock index also fell on Friday, despite gains in industrial and health care shares and strong jobs data.

The Dow Jones Industrial Average lost 78 points, or 0.3 percent, to 26,749.

Wholesale gasoline slipped 0.7 per cent to $2.09 a gallon.

The energy sector was down 1.6 per cent. Suncor Energy Inc. and Canadian Natural Resources Ltd. both lost 1.9 per cent.

New data showed that job growth in the United States picked up considerably in September to reach a peak not seen in seven months, sending a signal that the USA economy still looks fairly robust.

The pan-European STOXX 600 benchmark index was down 0.5 per cent by 0726 GMT.

Yields across the curve all saw significant spikes with the 10-year rates jumping above 3.2% for the first time since May 2011, while the longer term 30-year yields traded at the highest level since 2014 reaching 3.37% at the time of writing. "I think the market moves in the bonds this week side-swiped a lot of individuals". The spread between the two- and the 10-year yields and the spread between the five- and 30-year yields were 31.9 basis points, up from late Thursday.

Higher U.S. yields are anything but favourable for emerging markets as they tend to draw away much-needed foreign funds while pressuring local currencies.

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"A Federal Reserve that is raising rates to prevent the US economy from overheating is constraining the policy options of countries where financial conditions are tightening and trade tensions intensifying".

The dollar index fell 0.06 percent, with the euro up 0.28 percent to $1.1508.

Among active index stocks, OCBC Bank shed 0.89 per cent to $11.19, while Singtel dipped 0.93 per cent to $3.21.

The Japanese yen strengthened 0.11 per cent versus the greenback at 113.81 per dollar, while Sterling was last trading at $1.3104, up 0.66 per cent on the day. Germany's DAX lost 1.1 per cent and the CAC 40 in France dropped 1 per cent. Britain's FTSE 100 fell 1.3 per cent.

USA crude CLcv1 oil futures settled at $74.33 a barrel, down 2.72 percent.

ENERGY: Benchmark U.S. crude rose 0.6 percent to $74.74 a barrel in NY and Brent crude, the standard for worldwide oil futures, fell 0.5 percent to $84.14 a barrel in London.

That piled more pressure on US stocks, which are trading near record-high levels, raising concerns about valuations in the pricier names with the corporate earnings reporting season on tap.

Prices have eased slightly after Saudi Arabia and Russian Federation said they would raise output to at least partly make up for expected disruptions from Iran, OPEC's third-largest producer, due to the sanctions that take effect on November 4.

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