Chinese media reports that US and Chinese trade representatives pledged to co-operate on carrying out the phase 1 trade deal
A woman walks past an electronic board showing the Nikkei stock index outside a brokerage in Tokyo, Japan. Picture: REUTERS/KIM KYUNG-HOON
“The equity market is disconnected and optimistic ... We’ve got this bizarre scenario at the moment, where the bond market is really looking at the doomsday economic data and also hopes for potentially further support from the US Federal Reserve,” said Ryan Felsman, senior economist at CommSec in Sydney.
After hitting a record lows of 0.129% on Thursday, the yield on US two-year Treasurys ticked up to 0.1368%, while the benchmark 10-year note edged back up to 0.644% from the previous day’s close of 0.631%.Bond markets were jolted this week, and the US yield curve steepened after the US treasury department said it would introduce a long-planned 20-year bond and expected to borrow $2.999-trillion in the second quarter.
Looming on the market horizon is a report on Friday that is expected to show that the US April unemployment rate jumped to 16% as people stayed home to thwart the spread of the novel coronavirus.
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