Five Things You Need to Know to Start Your Day: Asia

Good morning. Bonds rally on signs of a cooling US labor market. Boeing’s boss warns about isolation risks. And Narendra Modi’s party no longer has a parliamentary majority on its own. Here’s what’s moving markets. — Isabelle Lee

The US bond market advanced as signs of labor-market cooling reinforced speculation the Federal Reserve will be able to cut rates this year. Just a week away from the Fed meeting, the so-called JOLTS report showed US job openings hit the lowest since 2021. The figures lifted Treasuries, with 10-year yields extending a four-day plunge to almost 30 basis points. Fed swaps are now pricing in a first cut in November — and higher odds of a September reduction. Despite the dovish bets, stocks struggled to gain much traction as the bad-news-is-good-news narrative failed to entice traders. The S&P 500 edged up, while oil fell to the lowest in about four months and copper slid.