Finance

The 10-year U.S. Treasury yield climbed to approximately 5.31%, holding near its highest level since the early 2000s. Persistent worries about elevated oil prices and the overall trajectory of monetary policy continue to provide strong upward momentum for yields, which in turn places pressure on risk assets.

September non-farm payroll reports revealed a much lower-than-expected increase of just 29,000 jobs, alongside an uptick in the unemployment rate to 4.2%. This cooling in the labor market led investors to drastically scale back predictions for a central bank interest rate hike in October.

International crude benchmarks eased as Brent crude dipped back to around $100 per barrel following a release of emergency fuel supplies in Europe and increased output from Middle Eastern exporters. Despite the recent decline, prices remain volatile due to ongoing geopolitical instability surrounding Iran.