Expected heating up at the end of the interest rate hike cycle

US bond yields hit a two-week low

The gold market still faces pressure

On Wednesday (November 1st), as the Federal Reserve kept interest rates unchanged, hopes of a possible end to the rate hike cycle increased, leading to gains in US stocks and bonds. The decline in US treasury bond bond yields depressed the US dollar, which weakened against major currencies and helped support the yen. The yen strengthened early Thursday, continuing Wednesday's gains. The US employment data portrays a mixed picture. According to the latest JOLTS data, the number of job vacancies is higher than expected, while ADP's private employment data shows that the number of new positions is lower than expected. The number of first applications for unemployment benefits will be announced later on Thursday.

The Australian stock market opened strongly, with benchmark stock index futures in Japan and Hong Kong both rising, echoing Wednesday's 1.1% rise in the S&P 500 index. This rise is expected to set the best weekly performance for the US stock index since March, while the Nasdaq 100 index, which is mainly focused on technology stocks, rose 1.8%. US stock index futures rose slightly in early Asian trading.