Global shares mixed as bond sell-off deepens before US jobs data

01The Story新闻事实

Global stocks were mixed Friday as European shares recovered modestly after a sharp sell-off in government bonds. The US 10-year Treasury yield remained near 5.24%, while investors awaited the September jobs report for clues about a possible October Federal Reserve rate hike. Oil prices fell despite increased US military deployments to the Middle East.周五全球股市涨跌互现，欧洲股市在政府债券遭遇大幅抛售后小幅回升。美国10年期国债收益率维持在约5.24%，投资者等待美国9月就业报告，以寻找美联储10月可能加息的线索。尽管美国向中东增派军事力量，油价仍然下跌。

The US 10-year Treasury yield reached 5.34% on Thursday, its highest level since 2002, before settling around 5.24% early Friday.美国10年期国债收益率周四升至5.34%，为2002年以来最高，周五早盘回落至约5.24%。
Japan’s Nikkei 225 fell 0.9%, while Hong Kong’s Hang Seng dropped 2.6% to its lowest level since July.日本日经225指数下跌0.9%，香港恒生指数下跌2.6%，降至7月以来最低水平。
European shares rose in early trading, with the FTSE 100 up 0.5%, the CAC 40 up 0.6% and the DAX up 0.8%.欧洲股市早盘上涨，英国富时100指数上涨0.5%，法国CAC 40指数上涨0.6%，德国DAX指数上涨0.8%。
Brent crude fell 2.3% to $99.95 per barrel, although it remained above approximately $72 per barrel in late February before the war.布伦特原油下跌2.3%，至每桶99.95美元，但仍高于战争发生前2月下旬约72美元的水平。
The September US jobs report was expected later Friday and could provide clues about the likelihood of an October Federal Reserve rate hike.美国9月就业报告预计于周五晚些时候发布，可能为美联储10月加息的可能性提供线索。

Higher bond yields, energy-related inflation and upcoming US labor data are shaping expectations for interest rates and putting pressure on global markets.债券收益率上升、能源相关通胀以及即将公布的美国就业数据，正共同影响利率预期并给全球市场带来压力。

024 Dimensions维度分析

Consequence影响推演

Bond yields and equity pressure债券收益率与股市压力

The US 10-year yield remained above the 5% threshold after reaching its highest level since 2002. Higher borrowing costs can reduce the relative appeal of stocks and weigh on equity markets.美国10年期国债收益率在达到2002年以来最高水平后仍维持在5%上方。更高的借贷成本可能降低股票的相对吸引力，并对股市构成压力。

US 10-year Treasury yield美国10年期国债收益率

5.24 %5.24%

early Friday周五早盘

early Friday周五早盘5.24 %

Thursday周四5.34 %

The yield reached 5.34% on Thursday, the highest since 2002.该收益率周四升至5.34%，为2002年以来最高。
A portfolio manager cited a credible possibility of the yield rising toward 5.5% to 6%, based on resilient US economic growth.一名投资组合经理表示，基于美国经济增长具有韧性，该收益率有可能升向5.5%至6%。

Comparison对比

Uneven regional market performance区域市场表现分化

European markets edged higher after the previous day’s sharp declines, while Asian markets were mixed and Hong Kong recorded the largest reported fall among the listed major indexes.欧洲市场在前一日大幅下跌后小幅回升，亚洲市场涨跌互现，在列出的主要指数中，香港市场跌幅最大。

FTSE 100富时100指数

early Friday trading周五早盘0.5 %

Friday周五-2.6 %

Friday周五-0.9 %

The CAC 40 rose 0.6% and the DAX rose 0.8% in early European trading.欧洲早盘交易中，CAC 40指数上涨0.6%，DAX指数上涨0.8%。
South Korea’s Kospi gained 0.5%, while Australia’s S&P/ASX 200 gained 0.8%.韩国综合指数上涨0.5%，澳大利亚S&P/ASX 200指数上涨0.8%。

Contradiction矛盾之处

Oil and geopolitical uncertainty油价与地缘政治不确定性

Oil prices declined as uncertainty over possible de-escalation between the US and Iran continued, despite additional US military deployments to the Middle East.尽管美国向中东增派军事力量，但美国与伊朗可能缓和局势的前景仍存在不确定性，油价因此下跌。

Brent crude price布伦特原油价格

99.95 US dollars per barrel99.95美元/桶

early Friday周五早盘

early Friday周五早盘99.95 US dollars per barrel

late February2月下旬72 US dollars per barrel

Brent crude fell 2.3% to $99.95 per barrel.布伦特原油下跌2.3%，至每桶99.95美元。
The United States was deploying thousands of troops aboard ships, including a third aircraft carrier, to the Middle East.美国正通过包括第三艘航空母舰在内的舰艇向中东部署数千名士兵。

Future signal前瞻信号

Jobs data as the next rate signal就业数据成为下一项利率信号

Investors were watching the September jobs report for evidence that could influence expectations of an October Federal Reserve rate hike, after the Fed raised rates in September for the first time in three years.投资者正关注美国9月就业报告，因为数据可能影响对美联储10月加息的预期；美联储已在9月加息，这是三年来首次加息。

The September US monthly jobs report was due later Friday.美国9月月度就业报告预计于周五晚些时候发布。
The Federal Reserve raised rates in September for the first time in three years.美联储9月加息，这是三年来首次加息。

03Timeline时间线

2026-10-02 Global shares traded unevenly, European indexes rose modestly, and investors awaited the September US jobs report.全球股市涨跌不一，欧洲主要指数小幅上涨，投资者等待美国9月就业报告。
2026-10-01 The US 10-year Treasury yield reached 5.34%, its highest level since 2002.美国10年期国债收益率升至5.34%，达到2002年以来最高水平。
2026-09 The Federal Reserve raised interest rates for the first time in three years.美联储加息，这是三年来首次加息。

Key takeaway核心结论

Global markets are balancing elevated bond yields and geopolitical energy risks against the next US employment signal for monetary policy.全球市场正在高企的债券收益率和地缘政治能源风险，与美国下一项就业数据对货币政策的信号之间进行权衡。

04What to Watch后续关注

Whether the September US jobs report changes expectations for an October Federal Reserve rate hike.美国9月就业报告是否改变市场对美联储10月加息的预期。
Whether the US 10-year Treasury yield moves toward the 5.5% to 6% range cited by a portfolio manager.美国10年期国债收益率是否向一名投资组合经理提到的5.5%至6%区间靠拢。
Whether uncertainty over US-Iran de-escalation continues to affect oil prices.美国与伊朗缓和局势前景的不确定性是否继续影响油价。

05Uncertainties不确定因素

The article does not provide the September jobs report results, which were due later Friday.文章未提供预计于周五晚些时候发布的美国9月就业报告结果。
The timing and outcome of any US-Iran de-escalation remain uncertain.美国与伊朗是否以及何时缓和局势仍不确定。
The article reports market levels at a specific point in trading and does not establish a lasting trend.文章反映的是特定交易时点的市场水平，不能据此确定持续性趋势。

06Sources信息来源

World shares mixed after global bond sell-off deepens and ahead of US jobs dataWorld shares mixed after global bond sell-off deepens and ahead of US jobs data The Associated Press · 2026-10-02

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