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LONDON, Nov 1 - U.S. government bond yields fell and stock futures edged up on Friday after data showed the U.S. economy barely added any jobs in October, though the numbers was heavily disrupted by industrial action and hurricanes.
The two-year yield, which is more sensitive to moves in short term rate expectations, dropped 10 bps to 4.07% as the data put pay to the small possibility that the Federal Reserve might keep rates on hold at its meeting next week. "The employment situation is opaque. The hurricane effects are hard to quantify, so most people will see these numbers and just ignore them," said Brian Jacobsen, chief economist at Annex Wealth Management
The focus will now entirely turn to the presidential election, with polls pointing to a knife-edge race, though investors have been putting on trades betting Republican candidate Donald Trump could be president again, a factor in the recent rise in Treasury yields.European markets echoed their U.S. peers in the aftermath of the payrolls data, with the broad Stoxx 600 index up 0.9% , and the benchmark 10-year German bund yield 4 bps lower at 2.35%.
The pound has also came under pressure in the past two days, but rose 0.5% on the dollar on Friday to $1.2962, partly a result of steadying British markets and partly a result of some dollar weakness in the light of the payrolls print.
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