Data released yesterday, which continued to point to a cooling US labor market, including higherthan expected unemployment benefit claims and slower private job creation, reinforced expectations of a Fed cut later this month. Dovishremarks from NY Fed President Williams, who sees gradual rate cuts, further supported this narrative.
In this context, US Treasury yields dropped and stocks advanced, boosted by gains in the tech sector. Across the Atlantic,euro area sovereign yields followed their US counterparts and also declined. Equities were mixed in the region, with someweakness in France and strength elsewhere. The euro traded around 1.16 against the US dollar.
In commodities, oil prices eased further on higher US inventories and ahead of the OPEC+ meeting this weekend, wheremembers are expected to increase output targets. Crude prices are now down 2.5% for the week, with Brent trading around$67 per barrel.
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