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10-year Treasury yield falls as investors eye jobs report
10-year Treasury yield falls as investors eye jobs report

CNBC

time2 days ago

  • Business
  • CNBC

10-year Treasury yield falls as investors eye jobs report

The 10-year Treasury yield slipped during the Tuesday session, as investors awaited the release of U.S. jobs data in a shortened trading week. The benchmark yield slipped more than 3 basis points to 4.195% at around 5:20 a.m. ET, and the 30-year yield fell more than 3 basis points to 4.741%. The 2-year yield was down one basis point to 3.709%. One basis point is equal to 0.01%, and yields and prices share an inverse relationship. U.S. markets are closed on July 4 for the Independence Day celebration, with June payroll data — a key economic indicator — now expected a day earlier on Thursday. Watchers will get a first glimpse of the health of U.S. employment through the release of ADP private payrolls on Wednesday. Investors are also following the progress of President Donald Trump's "big, beautiful bill," which overcame a crucial procedural obstacle in the U.S. Senate late Saturday, bringing the sweeping spending measure a step closer to becoming law. The motion to advance the bill to final debate passed narrowly, with the vote at 51-49, with every Democrat and two Republicans voting against it. The voting process stretched on for hours, with the measure securing enough support only after a few initially hesitant Republicans ultimately switched to "yes" votes after withholding them. The "big, beautiful bill" is set to be passed, said Vishnu Varathan, head of economics and strategy at Mizuho Securities. While it is projected to add $3.3 trillion in debt burden over a decade, softer Treasury yields may take some edge off, he added. The closely watched Job Openings and Labor Turnover Survey for May will be released later in the day.

Asia currencies: Thai baht hit by political turmoil
Asia currencies: Thai baht hit by political turmoil

Business Recorder

time21-06-2025

  • Business
  • Business Recorder

Asia currencies: Thai baht hit by political turmoil

BENGALURU: The Thai baht weakened on Friday and was set for its biggest weekly drop in four months as political uncertainty weighed on already fragile sentiment, while other regional currencies were also headed for weekly losses on Middle East tensions. The baht fell 0.4% in its fifth session of losses and was on course to log its worst week since late February. Prime Minister Paetongtarn Shinawatra was facing the prospect of losing her government's majority as the United Thai Nation party, a vital coalition partner, looked set to demand her resignation after just 10 months in power. This follows the Bhumjaithai Party's withdrawal from the alliance after a leaked phone call with Cambodia's former leader. The political instability comes against the backdrop of persistent bond outflows driven by low returns and vulnerability to US trade tariffs and the government's call for a weaker baht to support exports and tourism. 'At a time when unprecedented geoeconomic challenges are confronting Thailand, the lack of political leadership/certainty is an unwelcome handicap for trade/diplomacy and wider geopolitical leverage,' said Vishnu Varathan, head of macro research for Asia excluding Japan at Mizuho Bank, in a note. 'The BoT (Bank of Thailand) arguably needs to compensate, hastening another 50-75bp of rate cuts,' he said, adding that the optimal policy mix for the central bank would be to cut rates while stabilizing the baht. Thai stocks rose 0.3%. Poon Panichpibool, markets strategist at Krung Thai Bank, attributed the rise to a combination of technical rebound and some investors buying stocks on a dip after Thursday's 2.4% fall. Other regional currencies inched up on the day but were set for weekly losses as investors weighed the possibility of US involvement in the Israel-Iran conflict. The Indonesian rupiah was on course for its worst weekly performance since early April, and the Philippine peso was poised for its biggest weekly drop since October. The South Korean won rose 0.8% on Friday but was set for its second consecutive weekly fall. Taiwan's dollar added 0.4%, a day after the country's central bank kept its policy rate unchanged and signalled there was no need for a rate cut this year. Meanwhile, the Hong Kong dollar hit the weak end of its trading band for the first time in two years.

Oil Climbs on Report That Israel Is Preparing to Strike Iran
Oil Climbs on Report That Israel Is Preparing to Strike Iran

Toronto Star

time21-05-2025

  • Business
  • Toronto Star

Oil Climbs on Report That Israel Is Preparing to Strike Iran

(Bloomberg) — Oil jumped on a report from CNN that US intelligence suggests Israel is making preparations to strike Iranian nuclear facilities. West Texas Intermediate futures surged as much as 3.5% to $64.19 a barrel. It isn't clear that Israeli leaders have made a final decision on whether to carry out the strikes, CNN said, citing unnamed officials. Oil prices have been volatile since last week on mixed headlines about the fate of Iran-US talks, which could pave the way for more barrels to return to a market that's expected to be oversupplied later in the year. An attack by Israel would hinder any progress in those negotiations and add to volatility in the Middle East, which supplies about a third of the world's oil. ARTICLE CONTINUES BELOW 'There's a difference between proxy battles and symbolic strikes versus an unmitigated attack, which is what latest reports, if true, appear to potentially flag,' said Vishnu Varathan, head of macro for Asia ex-Japan for Mizuho Bank Ltd. Other conflicts between Israel and others 'had a sense of greater restraint on both sides, especially given the involvement of, and coordination with, regional players alongside the US and Europe.' Iran's Supreme Leader Ali Khamenei on Tuesday said he didn't think the latest effort to negotiate with the US would lead to a result. WTI prices could tumble as low as $40 a barrel if sanctions on the Islamic Republic's oil exports are lifted, according to Bloomberg Intelligence. To get Bloomberg's Energy Daily newsletter in your inbox, click here. ©2025 Bloomberg L.P. (Bloomberg) — Oil jumped on a report from CNN that US intelligence suggests Israel is making preparations to strike Iranian nuclear facilities. West Texas Intermediate futures surged as much as 3.5% to $64.19 a barrel. It isn't clear that Israeli leaders have made a final decision on whether to carry out the strikes, CNN said, citing unnamed officials. Oil prices have been volatile since last week on mixed headlines about the fate of Iran-US talks, which could pave the way for more barrels to return to a market that's expected to be oversupplied later in the year. An attack by Israel would hinder any progress in those negotiations and add to volatility in the Middle East, which supplies about a third of the world's oil. 'There's a difference between proxy battles and symbolic strikes versus an unmitigated attack, which is what latest reports, if true, appear to potentially flag,' said Vishnu Varathan, head of macro for Asia ex-Japan for Mizuho Bank Ltd. Other conflicts between Israel and others 'had a sense of greater restraint on both sides, especially given the involvement of, and coordination with, regional players alongside the US and Europe.' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Iran's Supreme Leader Ali Khamenei on Tuesday said he didn't think the latest effort to negotiate with the US would lead to a result. WTI prices could tumble as low as $40 a barrel if sanctions on the Islamic Republic's oil exports are lifted, according to Bloomberg Intelligence. To get Bloomberg's Energy Daily newsletter in your inbox, click here. ©2025 Bloomberg L.P.

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