ANL 27.80 Decreased By ▼ -0.50 (-1.77%)
ASC 17.41 Increased By ▲ 0.71 (4.25%)
ASL 24.11 Increased By ▲ 0.56 (2.38%)
AVN 91.14 Decreased By ▼ -0.80 (-0.87%)
BOP 9.65 Decreased By ▼ -0.13 (-1.33%)
BYCO 9.60 Decreased By ▼ -0.08 (-0.83%)
DGKC 110.83 Decreased By ▼ -0.77 (-0.69%)
EPCL 47.41 Decreased By ▼ -0.89 (-1.84%)
FCCL 21.45 Decreased By ▼ -0.40 (-1.83%)
FFBL 27.64 Increased By ▲ 0.25 (0.91%)
FFL 18.84 Increased By ▲ 0.31 (1.67%)
HASCOL 14.47 Decreased By ▼ -0.23 (-1.56%)
HUBC 83.50 Decreased By ▼ -1.30 (-1.53%)
HUMNL 7.12 Decreased By ▼ -0.15 (-2.06%)
JSCL 30.70 Decreased By ▼ -0.10 (-0.32%)
KAPCO 39.62 Decreased By ▼ -0.94 (-2.32%)
KEL 4.08 Decreased By ▼ -0.05 (-1.21%)
LOTCHEM 15.84 Increased By ▲ 0.19 (1.21%)
MLCF 42.82 Decreased By ▼ -0.24 (-0.56%)
PAEL 39.36 Decreased By ▼ -0.08 (-0.2%)
PIBTL 12.68 Decreased By ▼ -0.17 (-1.32%)
POWER 11.25 Decreased By ▼ -0.16 (-1.4%)
PPL 94.10 Decreased By ▼ -1.89 (-1.97%)
PRL 23.96 Decreased By ▼ -0.44 (-1.8%)
PTC 9.65 Decreased By ▼ -0.05 (-0.52%)
SILK 1.19 Decreased By ▼ -0.02 (-1.65%)
SNGP 45.27 Decreased By ▼ -0.58 (-1.26%)
TRG 105.43 Increased By ▲ 2.55 (2.48%)
UNITY 31.89 Increased By ▲ 0.49 (1.56%)
WTL 1.18 Decreased By ▼ -0.02 (-1.67%)
BR100 4,825 Decreased By ▼ -11.26 (-0.23%)
BR30 24,450 Increased By ▲ 5.1 (0.02%)
KSE100 45,674 Decreased By ▼ -53.03 (-0.12%)
KSE30 18,974 Decreased By ▼ -45.81 (-0.24%)
Markets

US bond yields steady, focus fixed on election news, jobs data

  • Election uncertainty and a growing expectation that the scope for hefty stimulus will be limited has pushed down US Treasury yields sharply this week.
  • Thirty-year Treasury yields were also steady at around 1.54% and also holding above the previous day's lows.
06 Nov 2020

LONDON: US Treasury yields were broadly steady on Friday, with market attention fixed on the latest US election news and the October reading of the jobs market.

Democratic presidential candidate Joe Biden took a narrow lead over President Donald Trump in the battleground state of Georgia for the first time early on Friday, putting the White House within his reach as it and other undecided states continue to count ballots.

Election uncertainty and a growing expectation that the scope for hefty stimulus will be limited has pushed down US Treasury yields sharply this week.

In London trade, markets appeared to be in wait-and-see mode, with the US 10-year Treasury yield steady at around 0.78% -- above Thursday's three-week low near 0.72%.

Thirty-year Treasury yields were also steady at around 1.54% and also holding above the previous day's lows.

Long-dated bond yields are nevertheless down 9-10 basis points this week, with 10-year yields set for their biggest weekly drop since June.

"The rally in Treasuries loses steam as there is not a clear winner yet, but a Biden win looks to be more likely," analysts at Saxo Bank said in a note.

"We expect the US yield curve to resume its steepening once a clear winner is declared. In the meantime, however, rates can fall further with the 10-year yields trying their support line at 70 bps and the 30-year yields falling as much as 1.4%."

Bond markets in general were subdued ahead of the release of the US non-farm payrolls report later in the session.

Nonfarm payrolls probably increased by 600,000 jobs in October after rising 661,000 in September, according to a Reuters poll of economists. That would be the smallest gain since the jobs recovery started in May and leave employment 10.1 million jobs below its February peak.