SINGAPORE/LONDON – Global equities inched up on Thursday, bolstered by expectations that the U.S. Federal Reserve will cut interest rates next week following data showing a slowdown in employment. Meanwhile, the U.S. dollar fell for a tenth consecutive day, heading for its longest losing streak in more than 50 years.

Key Market Moves

• Japan: Stocks led gains globally after a government bond auction attracted strong investor demand. The Nikkei 225 rose 2%, with shares of industrial automation company Fanuc surging. The 30-year Japanese government bond yield fell 4 basis points to 3.38%, supported by robust bidding. Market sources indicated the Bank of Japan may raise interest rates in December, a move the government is likely to accept.
• Europe: The STOXX 600 edged up 0.1%, continuing a modest weekly advance.
• U.S.: Wall Street rallied Wednesday, led by small-cap stocks. The Russell 2000 gained 1.9%, while the S&P 500 rose for a second straight session. U.S. private payrolls data showed the largest drop in over two-and-a-half years, reinforcing expectations for a 25-basis-point Fed rate cut at the December 10 meeting, with the implied probability rising to 89%, up from 83.4% a week ago.

Currency and Bond Markets

• The U.S. dollar index was down 0.05% on the day, extending its losing streak to ten sessions.
• Against the yen, the dollar fell 0.3% to 154.825, with the yen poised for its strongest weekly gain against the dollar in over two months.
• The yuan edged slightly weaker, with the dollar trading at 7.0664 offshore in Hong Kong, following a one-year high for the Chinese currency on Wednesday.
• U.S. 10-year Treasury yields rose 2.7 basis points to 4.083%, amid concerns that Fed candidate Kevin Hassett might push for aggressive rate cuts if confirmed as chair.

Commodities

• Gold slipped 0.2% to $4,199 an ounce.
• Silver dropped 1.8% to $57.40 per ounce, after recently hitting a record high.
• Brent crude added 0.2% to $62.79 per barrel.

Market sentiment reflects optimism that Fed easing, combined with strong bond demand in Japan, will support both equities and global economic growth, though investors remain cautious amid ongoing inflation and interest rate uncertainties.