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03/03/2016 05:38 AST
US stocks slipped with Treasuries, while the dollar strengthened after a jobs report boosted speculation that the Federal Reserve will raise interest rates this year. Crude fell for the first time in three days.
The Standard & Poor’s 500 Index fell after rallying to an eight-week high yesterday.
The Bloomberg Dollar Spot Index advanced after a private payrolls report showed companies added more workers than projected last month. The yield on the 10-year Treasury note rose to the highest in a month.
European equities were little changed after four days of gains, while emerging- market stocks reached a two-month high.
Markets are taking their cue from the potential for more central-bank stimulus and signs the economic pessimism that dominated the first two months of the year was overdone.
The private payrolls report follows data Tuesday that signaled manufacturing was steadying, adding to optimism in the world’s largest economy that has also increased the odds the Federal Reserve will raise interest rates this year.
Citigroup Inc.’s US Economic Surprise Index, which measures whether data beats or misses estimates, is at the highest level since November.
In China, moves such as ruling out the possibility of a one-off yuan devaluation and a new head of the securities regulator are also winning back some confidence.
“We had a big risk-off situation in the first part of the year,” said Martin van Vliet, senior interest-rate strategist at ING Groep NV in Amsterdam.”Fed rate hikes were completely priced out.
We see it coming back a bit now given yesterday’s hopeful ISM numbers, so markets are playing with the idea that the Fed could hike once more this year.”
The Gulf Today
US Dollar | 1.00 |
Saudi Riyal | 3.75 |
Derham Emirati | 3.67 |
Qatari Riyal | 3.65 |
Kuwaiti Dinar | 0.30 |
Bahraini Dinar | 0.38 |
Omani Riyal | 0.39 |
Euro | 0.81 |
British Pound | 0.71 |
Japanese Yen | 104.70 |
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