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

01The Story新闻事实

Global shares traded mixed on Friday as government bond yields remained elevated and investors awaited the US September jobs report. European markets edged higher, while Hong Kong stocks fell to their lowest level since July. The US 10-year Treasury yield stood near 5.24% after reaching 5.34% Thursday, as energy-driven inflation and rising government debt supported higher yields.周五，随着政府债券收益率维持高位、投资者等待美国9月就业报告，全球股市涨跌不一。欧洲市场小幅上涨，香港股市跌至7月以来最低水平。美国10年期国债收益率约为5.24%，此前周四触及5.34%；能源冲击引发的通胀压力和不断上升的政府债务推动收益率走高。

The 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 South Korea’s Kospi gained 0.5% and Hong Kong’s Hang Seng dropped 2.6%.日本日经225指数下跌0.9%，韩国综合指数上涨0.5%，香港恒生指数下跌2.6%。
The US 10-year Treasury yield was around 5.24% after reaching 5.34% Thursday, its highest level since 2002.美国10年期国债收益率约为5.24%，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, though 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。
Investors were watching the September US jobs report for clues about the likelihood of an October Federal Reserve rate hike.投资者关注美国9月就业报告，以寻找美联储10月加息可能性的线索。

Elevated bond yields are shaping equity performance while upcoming US employment data could influence expectations for the Federal Reserve’s next rate decision.高企的债券收益率正在影响股市表现，而即将公布的美国就业数据可能改变市场对美联储下一次利率决定的预期。

024 Dimensions维度分析

Consequence影响推演

Bond yields pressure equities债券收益率给股市带来压力

The US 10-year yield reached its highest level since 2002 before easing slightly. Higher borrowing costs can put downward pressure on stock markets by reducing the appeal of equity returns.美国10年期国债收益率升至2002年以来最高水平后略有回落。更高的借贷成本可能通过削弱股票回报的吸引力，对股市形成下行压力。

10-year Treasury yield美国10年期国债收益率

Friday周五5.24 %

The yield crossed 5% last month.该收益率上月突破了5%。
A T. Rowe Price portfolio manager said the yield could plausibly rise toward 5.5% to 6%, citing resilient US economic growth.T. Rowe Price一名投资组合经理表示，考虑到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

Asia shows divergent market performance亚洲市场表现分化

Asian markets moved in different directions, with Hong Kong posting the steepest reported decline and South Korea, Australia and Taiwan advancing. Mainland Chinese markets were closed for a holiday.亚洲市场走势不一，香港录得报道中的最大跌幅，而韩国、澳大利亚和台湾市场上涨。中国内地市场因假期休市。

Hang Seng恒生指数

Friday周五-2.6 %

Friday周五-0.9 %

Friday周五0.5 %

The Hang Seng fell to its lowest level since July.恒生指数跌至7月以来最低水平。
Australia’s S&P/ASX 200 gained 0.8%, while Taiwan’s Taiex advanced 0.3%.澳大利亚S&P/ASX 200指数上涨0.8%，台湾加权指数上涨0.3%。

Cause因果关系

Oil remains elevated despite a daily decline油价单日下跌但仍处高位

Brent crude declined as uncertainty continued over possible US-Iran de-escalation, but its price remained well above the late-February level. The source linked the global energy shock to inflationary pressure.由于美国与伊朗可能缓和局势的前景仍存在不确定性，布伦特原油价格下跌，但仍明显高于2月下旬水平。消息源将全球能源冲击与通胀压力联系起来。

Brent crude price布伦特原油价格

Friday周五99.95 US dollars per barrel

Brent crude lost 2.3% early Friday.周五早盘布伦特原油下跌2.3%。
The US sent another aircraft carrier and more troops to the Middle East, while President Donald Trump threatened possible escalation against Iran.美国向中东派出另一艘航空母舰和更多部队，总统唐纳德·特朗普则威胁可能对伊朗升级行动。

Future signal前瞻信号

Jobs data may shape rate expectations就业数据可能影响利率预期

Investors were awaiting the September US jobs report for indications of whether the Federal Reserve might raise rates in October. The Fed had raised rates in September for the first time in three years.投资者等待美国9月就业报告，以判断美联储是否可能在10月加息。美联储已于9月加息，这是三年来首次加息。

US futures edged higher after Treasury yields steadied early Friday.美国国债收益率周五早盘趋稳后，美国股指期货小幅上涨。
The S&P 500 added 0.2%, while the Dow rose less than 0.1% and the Nasdaq gained less than 0.1%.标普500指数上涨0.2%，道琼斯指数涨幅低于0.1%，纳斯达克指数涨幅也低于0.1%。

03Timeline时间线

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。
2026-10-02 Global shares traded mixed ahead of the US September jobs report as bond yields remained elevated.在美国9月就业报告公布前，随着债券收益率维持高位，全球股市涨跌不一。

Key takeaway核心结论

Markets are balancing the impact of elevated bond yields and energy-related inflation against fresh US employment data that may influence the next Federal Reserve rate decision.市场正在权衡高企债券收益率和能源相关通胀的影响，以及可能影响美联储下一次利率决定的美国最新就业数据。

04What to Watch后续关注

The September US jobs report and its implications for a possible October Federal Reserve rate hike.美国9月就业报告，以及其对美联储可能在10月加息的影响。
Whether the US 10-year Treasury yield moves toward the 5.5% to 6% range suggested by a T. Rowe Price portfolio manager.美国10年期国债收益率是否向T. Rowe Price投资组合经理所提到的5.5%至6%区间靠近。
Developments in US-Iran relations and their effect on oil prices.美国与伊朗关系的发展及其对油价的影响。
Whether Asian equity markets continue to diverge after Hong Kong reached its lowest level since July.香港股市跌至7月以来最低水平后，亚洲股市是否继续出现分化。

05Uncertainties不确定因素

The source does not provide the September jobs report figures or confirm how the Federal Reserve will respond.消息源未提供美国9月就业报告的具体数据，也未确认美联储将如何回应。
The direction of oil prices remains uncertain while prospects for US-Iran de-escalation are unresolved.在美国与伊朗缓和局势的前景尚未明确之际，油价走势仍存在不确定性。
The source reports a possible path for Treasury yields toward 5.5% to 6%, not an established forecast or outcome.消息源报道的是国债收益率可能升向5.5%至6%的路径，而非已经确定的预测或结果。

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

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