Asian stocks slid toward their worst week in a month-and-a-half on Friday and oil nursed losses, while bonds enjoyed their best bid in weeks as U.S. data and earnings showed signs of weakness.
more Americans filing claims for jobless benefits and manufacturing activity in the mid-Atlantic region slumping to its lowest level in nearly three years.
U.S. Treasuries have also rallied, with two-year yields extending Thursday's drop as investors turn for safety and bet the U.S. hiking cycle is all but over. Yields fall when prices rise. Two-year yields fell 4 bps to 4.128%.fell 0.9% and was down 1.7% for the week so far, its worst performance since bank stability worries gripped markets in the middle of March.
The U.S. Leading Economic Index, a gauge of future economic activity, also dropped to its lowest level since November 2020 overnight and it is signalling a recession starting mid-2023.
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