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Stocks retreat, Treasuries flail as US rate cut hopes wither
NEW YORK/LONDON (Reuters) -Global stocks pulled back from an all-time high on Friday after surprisingly strong U.S. monthly jobs data dimmed hopes that the Federal Reserve would soon follow euro zone and Canadian interest rate cuts, causing Treasury yields to shoot higher. Diminished hopes for a near-term Fed move weighed on stocks, which closed lower after a choppy session. The benchmark 10-year U.S. Treasury yield, a benchmark for borrowing rates globally, leapt over 15 basis points after the jobs report, to 4.4335%, its biggest one-day jump in about two months.
Reuters•
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