Global Bonds Power Ahead as Dovish Bets Take Hold: Markets Wrap
- US firms added 103,000 jobs in November, ADP data show
- Oil falls below $70 on OPEC skepticism, oversupply concerns
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The rally in bonds around the globe gained further traction, with soft economic readings in both the US and Europe fueling speculation that major central banks will cut rates in the year to come.
Just two days ahead of the US jobs report, data showed the gradual cooling in the labor market that the Fed would like to see. Private payrolls increased 103,000 last month, trailing estimates and giving further credence to Wall Street’s dovish bid. Germany’s factory orders unexpectedly fell — highlighting how manufacturing in Europe’s largest economy remains stuck in a rut.