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Weekend Scan: US equities, bonds rally despite ugly jobs report

By NexChange
Capital Markets

Good morning everyone. After dipping into the red shortly after the disappointing jobs report, U.S. markets staged a mid-day rally largely thanks to a spike in oil prices. The S&P gained 1.4%, the Dow jumped 1.2%, while the Nasdaq soared 1.7%. The biggest moves however were in the U.S. bond markets, where the 10-year Treasury yield sank to a five-month low of 1.98% after returning 2.042% just the day before. 30-year bond yields meanwhile fell to 2.826%, while Fed funds rate futures – after indicating a 14% chance of an October rate hike earlier in the day – saw that chance slip to 5% shortly after the report. I wonder if the Fed feels the same way.

Here’s what else you need to know:

Russia, Saudi Arabia to keep foot on the gas. Despite the massive decline in oil prices, Russia and Saudi Arabia – the world’s largest oil producers – will be keeping the pedal to the metal as far as oil production is concerned. Russia apparently pumped an average of 10.74 million barrels a day in September, a figure unseen since the Soviet era. Wall Street Journal (paywall)

World Cup sponsors demand Sepp Blatter’s head. With the Fifa president officially under criminal investigation, three of the World Cup’s largest sponsors – McDonald’s, Budweiser, and Coke – are all demanding for his resignation. Blatter’s lawyer however, had this to say: “Mr. Blatter respectfully disagrees with its position and believes firmly that his leaving office now would not be in the best interest of Fifa nor would it advance the process of reform and, therefore, he will not resign.” Financial Times (paywall)

Civilian police worker shot in Australia. The man was murdered as he left work Friday. The gunman, who was shot and killed by police, fired shots at police officers leaving a police headquarters near Sydney. CNN

Mudslide kills nine in Guatemala. Up to 600 people are also missing after heavy rains moved sludge and rock outside the capital city. Reuters

At least 10 dead after Oregon shooting rampage that targeted Christians. A gunman opened fire at Umpqua Community College in Oregon, lining up victims and shooting those who said they were Christian. The suspect was killed. CNN

Pope met with gay ex-student in Washington. Critics have slammed the pope for meeting with Kentucky clerk Kim Davis during his visit to the U.S. Davis has taken a public stance against gay marriage. The Vatican says that the pope’s visit with Davis does not mean an endorsement of Davis’ views. The pope also had a “real audience” with his former student Yayo Grassi. Grassi, a gay man, brought his partner of 19 years to meet the pope. New York Times
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