By Dow Jones Newswires Staff
U.S. Futures and global markets were mixed as expectations of Federal Reserve rate cuts solidified on the back of lower-than-expected ADP payroll data Wednesday. Markets continue to bet on an interest-rate cut in December, pricing in a 85% probability of a 25-basis-point cut, according to LSEG.
-- U.S. Futures for the Dow Jones Industrial Index was up 0.1% and the S&P 500 rose 0.02%, while the tech-heavy Nasdaq fell back slightly, down 0.04%, extending gains from the prior session. Federal jobless claims data will release at 1330 GMT, giving investors a further indicator of the U.S. employment picture ahead of next week's rate-cut decision.
-- Asian markets closed mixed, with Japan's Nikkei jumping 2.3%, driven by chip and industrial-robot makers. South Korea's Kospi fell 0.2% as chip, battery and retail stocks retreated. In China, the ChiNext closed 1.0% higher, while Shenzhen and Shanghai ended the day 0.1% lower each. Hong Kong's Hang Seng rose 0.7%.
-- European indexes followed U.S. markets higher. The German DAX led early climbers, rising 0.7% on the back of strong early gains in automotives after President Trump proposed rolling back fuel economy laws for cars. Elsewhere, Spain's IBEX 35 and the French CAC 40 were up 0.2% and 0.4% respectively, while the U.K.'s FTSE 100 fell 0.1%. The French index was driven by strong tech and financials, with semiconductor group STMicroelectronics rising 4.2%.
-- The dollar remained weak after reaching a five-week low in the previous session, with the DXY dollar index rising 0.1% to 98.984, recovering only marginally from Wednesday's low of 98.820. The euro traded steady at $1.1666.
-- U.S. Treasury yields rose in Asian trading hours, reversing Wednesday's falls but remaining in their recent range. The two-year Treasury yield rose 1.8 basis points to 3.503%, the 10-year Treasury yield was up 2.5 basis points to 4.082%, according to Tradeweb.
-- Eurozone government bond yields edged higher after opening, tracking the direction of U.S. Treasury yields, though moves were contained. The 10-year Bund yield edged up 0.4 basis points to 2.753%, while the 10-year French OAT yield was up 0.7 basis points at 3.500%, according to Tradeweb.
-- The 30-year Japanese government bond was caught in a tug of war on Thursday between fiscal worries and solid auction results. It climbed to a new high of 3.445% in morning trade, refreshing a record high for a fourth straight session. The yield on benchmark 10-year JGBs rose to 1.935%, the highest level since July 2007.
-- Bitcoin last traded down 0.4% at $93,342, having reached a high of $94,082 overnight, LSEG data show.
-- Oil prices rose on concerns over stalled talks to end the war in Ukraine and persistent attacks against Russian energy infrastructure. Crude futures continued to stick to a narrow trading range, with further gains capped by prospects of an oversupplied market next year. In early trading, Brent crude rose 0.6% to $63.03 a barrel, while WTI gained 0.7% to $59.39 a barrel.
-- Gold prices slipped in early trading as investors took profit after Wednesday's gains. Futures in New York were down 0.3% to $4,220.90 a troy ounce, while spot gold slipped 0.1% to $4,203.12 an ounce. Spot silver fell 1.9% to $57.36 an ounce.
-- Copper slipped in early trading after hitting a fresh record, with futures on the London Metal Exchange down 0.5% to $11,395.50 a metric ton. Prices reached an intraday high of $11,529 a ton earlier in the session, driven by concerns over global supply shortages and mining disruptions.
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
12-04-25 0500ET
