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Bonds

Stocks rally again on expected Fed rate cuts; euro on defensive

Updated : July 04, 2019 08:25 AM IST

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent as did Japan's benchmark Nikkei, and Australia was up 0.6 percent. A US public holiday kept activity somewhat subdued.
On Wall Street, which closed at midday Wednesday for the eve of the US Independence Day, all three major stock indexes finished at a record closing highs as expectations grew that the Fed would take a more dovish turn. 
Global sovereign bond rallied overnight. The 10-year Treasury note yield plunged to 1.939, a level last seen following Donald Trump's election as president in November 2016.
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