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Global Market Quick Take: Asia – April 8, 2024
Strong US employment gains triggered Treasury sell-offs, pushing 10-year yields to 4.40%. Investor focus shifted to CPI data and FOMC minutes. Despite rising yields, US stocks surged on optimism about economic strength and its potential impact on corporate earnings. The S&P 500 rose 1.1% to 5,204, but Tesla dropped 3.6% after a report of abandoning plans for low-cost EVs. In Japan, the Nikkei 225 fell 2% to 38,992 amid heightened risk aversion and cautious corporate earnings outlook. Meanwhile, China's central bank continued its gold acquisition streak, reaching 72.7 million troy ounces over 17 consecutive ... (full story)