World shares mixed as bond sell-off deepens before U.S. jobs data

01The Story新闻事实

Global shares were mixed on Friday as European stocks edged higher while several Asian markets declined after a deepening bond sell-off. The U.S. 10-year Treasury yield remained near 5.24% after reaching 5.34%, its highest level since 2002. Investors were awaiting the September U.S. jobs report for clues about a possible October Federal Reserve rate hike.周五全球股市涨跌互现，欧洲股市小幅上涨，而亚洲部分市场在全球债券抛售加剧后下跌。美国10年期国债收益率维持在约5.24%，此前曾升至5.34%，为2002年以来最高水平。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。

Britain’s FTSE 100 rose 0.5%, France’s CAC 40 gained 0.6%, and Germany’s DAX advanced 0.8% in early European trading.欧洲早盘交易中，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%。
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%，跌至7月以来最低水平。
The U.S. 10-year Treasury yield was around 5.24% after reaching 5.34% on Thursday, its highest level since 2002.美国10年期国债收益率约为5.24%，此前周四曾升至5.34%，为2002年以来最高水平。
Brent crude fell 2.3% to $99.95 a barrel, although it remained above the approximately $72 level recorded in late February.布伦特原油下跌2.3%，至每桶99.95美元，但仍高于2月下旬约72美元的水平。
The September U.S. jobs report was expected to provide more insight into the likelihood of an October Federal Reserve rate hike.美国9月就业报告预计将进一步显示美联储10月加息的可能性。

Higher bond yields are increasing pressure on equities while upcoming U.S. employment data may shape expectations for the Federal Reserve’s next rate decision.债券收益率上升正加大股市压力，而即将公布的美国就业数据可能影响市场对美联储下一次利率决定的预期。

023 Dimensions维度分析

Consequence影响推演

Bond yields raise pressure on stocks债券收益率上升加大股市压力

The U.S. 10-year yield reached its highest level since 2002 before easing slightly. Higher borrowing costs can undercut stock returns, and ballooning bond yields have been putting downward pressure on stock markets.美国10年期国债收益率一度升至2002年以来最高水平，随后略有回落。更高的借贷成本可能削弱股票回报，而债券收益率飙升一直对股市构成下行压力。

10-year U.S. Treasury yield美国10年期国债收益率

Friday周五5.24 %

The 10-year yield crossed 5% last month and reached 5.34% on Thursday.10年期国债收益率上月突破5%，并于周四升至5.34%。
A T. Rowe Price portfolio manager said resilient U.S. economic growth made a rise toward 5.5% to 6% a credible possibility.T. Rowe Price一名投资组合经理表示，美国经济增长具有韧性，收益率升向5.5%至6%是一个可信的可能性。

Comparison对比

Regional markets diverge区域市场走势分化

European shares edged higher after a sharp decline the previous day, while Asian markets were mixed. Hong Kong underperformed, and mainland Chinese markets were closed for a holiday.欧洲股市在前一日大幅下跌后小幅上涨，而亚洲市场走势分化。香港市场表现较弱，中国内地市场因假期休市。

Hang Seng恒生指数

Friday周五-2.6 %

Friday周五0.8 %

Japan’s Nikkei 225 fell 0.9%, while South Korea’s Kospi gained 0.5% and Australia’s S&P/ASX 200 rose 0.8%.日本日经225指数下跌0.9%，韩国综合指数上涨0.5%，澳大利亚S&P/ASX 200指数上涨0.8%。
U.S. futures edged higher, while the S&P 500 rose 0.2% and the Dow Jones Industrial Average gained less than 0.1%.美国股指期货小幅上涨，标普500指数上涨0.2%，道琼斯工业平均指数涨幅不足0.1%。

Future signal前瞻信号

Jobs data and geopolitical risk shape expectations就业数据与地缘政治风险影响市场预期

Investors were watching the U.S. jobs report for signals about an October rate hike. At the same time, uncertainty over possible U.S.-Iran de-escalation weighed on oil prices despite additional U.S. military deployments to the Middle East.投资者关注美国就业报告，以判断10月加息的可能性。与此同时，尽管美国向中东增派军事力量，但美伊可能缓和局势的不确定性仍令油价承压。

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。
Brent crude fell 2.3% to $99.95 a barrel as uncertainty over a possible de-escalation between the U.S. and Iran continued.由于美伊可能缓和局势的不确定性持续，布伦特原油下跌2.3%，至每桶99.95美元。

03Timeline时间线

2026-10-02 Global shares were mixed ahead of the U.S. September jobs report.美国9月就业报告公布前，全球股市涨跌互现。

Key takeaway核心结论

Markets are balancing the drag from elevated bond yields against the potential policy signal from U.S. employment data and changing oil-market risks.市场正在高企债券收益率的拖累、美国就业数据可能释放的政策信号，以及不断变化的石油市场风险之间进行权衡。

04What to Watch后续关注

The September U.S. jobs report and its effect on expectations for an October Federal Reserve rate hike.美国9月就业报告及其对市场关于美联储10月加息预期的影响。
Whether the U.S. 10-year Treasury yield remains near 5.24% or moves toward the 5.5% to 6% range discussed by a portfolio manager.美国10年期国债收益率是否维持在5.24%左右，或向一名投资组合经理提到的5.5%至6%区间移动。
Further movements in oil prices as uncertainty over possible U.S.-Iran de-escalation continues.在美伊可能缓和局势的不确定性持续之际，油价是否进一步波动。

05Uncertainties不确定因素

The source does not report the September jobs figures or the market’s subsequent reaction.来源未提供9月就业数据的具体数字，也未报道市场随后作出的反应。
It remains unclear whether elevated Treasury yields will move toward the 5.5% to 6% range.美国国债收益率是否会升向5.5%至6%区间仍不确定。
The prospects for de-escalation between the United States and Iran remain uncertain.美国与伊朗关系缓和的前景仍不确定。

06Sources信息来源

World shares mixed after global bond sell-off deepens and ahead of US jobs data | Stock Market | lancasteronline.comWorld shares mixed after global bond sell-off deepens and ahead of US jobs data | Stock Market | lancasteronline.com LancasterOnline · 2026-10-02

Share this analysis 分享此深度分析

X Facebook LinkedIn WhatsApp