Key Points
Another Monday bounce in world markets sets up a Fed-dominated week ahead - although the U.S. central bank may not yet have a great deal to offer stock and bond markets that seem keener to see the glass half empty as October comes to a close...
A worrying late-year stock market unwind is starkest in small-cap indexes (.RUT) now tracking year-to-date losses of some 7% - even as the benchmark S&P500 (.SPX) remains up 7% and Big Tech leaders of the Nasdaq 100 are still 30% (.NDX) higher...
A key input to that as always will be the state of the labor market, with data this Friday expected to show October payroll growth cooling to 188,000 new jobs from the blowout 336,000 gain last month..
And autoworker strikes against Detroit's Big Three car manufacturers could subtract at least 29,000 jobs from October, government data shows.. But beyond Fed policy rates, it's the restive bond market and near 16-year-high long-term borrowing costs that are starting to hurt most..
The yen was firmer as Japanese government bond yields climbed to fresh 10-year peaks near 0.9% on Monday, with markets weighing the chances of another policy tweak in Tuesday's latest monetary policy decision from the Bank of Japan...
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