Stocks, bonds gain ahead of US data, Fed comments; yen rallies

Global stocks and bonds rallied on Thursday as investors braced for Friday's pivotal U.S. payrolls report and speeches from Federal Reserve officials, with money markets now pricing in roughly a 60% chance of a rate hike this month, up from under 40% a week ago. The yen surged toward its biggest two-day gain since early-August intervention, while the dollar index slipped 0.34% to 99.25, as sovereign bond yields fell from recent multi-year highs — the 10-year U.S. Treasury yield dropped 3 bps to 4.766% and the 30-year JGB yield slid 8 bps to 4.085%.

Why it matters: Oil edged lower to around $94.57 a barrel amid renewed U.S.-Iran strikes, but gold jumped 1.1% to $4,436 an ounce as geopolitical uncertainty and dollar-debasement fears lured investors back into the metal.