Asian shares have advanced following Wall Street gains last week that were buoyed by hopes for early interest rate cuts. South Korea's Kospi jumped more than 4% after the government restored a ban on short-selling that had been lifted since May 2021. Japan's benchmark was up 2.4%.
A post office worker rides a bicycle past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Nov. 6, 2023, in Tokyo. Asian shares advanced Monday following Wall Street gains last week that were buoyed by hopes for early interest rate cuts. A person walks past an electronic stock board showing Japan’s Nikkei 225 index at a securities firm Monday, Nov. 6, 2023, in Tokyo.
Strong profit reports helped drive some stocks to towering gains. Generac, a maker of backup generators, soared nearly 28% for its best week since its stock began trading in 2010. At Expedia Group, another stronger-than-forecast report sent its stock nearly 22% higher for its best week since the market was surging out of the early 2020 coronavirus crash.. Those yields were in turn catching up to the Fed’s main interest rate, which is above 5.25% and at its highest level since 2001.
In the bond market, Treasury yields tumbled just after the jobs report, releasing more of the pressure that had built up on Wall Street. The yield on the 10-year Treasury eased to 4.58% early Monday from its highest level since 2007, at more than 5%, two weeks earlier.
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