The employment report for the US is expected to provide major insight into World economy.

After the US employment report for December is released on Friday, Asian markets will be in a wait-and-see mode. If the data is not strong, investors might be content to remain calm. On Thursday, the US stock market managed to bounce back from its two-day selloff. The Dow Jones Industrial Average managed to gain for the second day in a row.

There was no sign of a renewed appetite for buying bonds in 2023, with Treasuries leaning toward risk-off positions and not enough to push benchmark yields back above 4%. That provided the dollar with a boost, especially against the Yen, which had suffered from a selloff in Japanese stocks and an earthquake.

The dollar was higher against the Japanese Yen at 144.52. It also gained against the Chinese Yuan, which was at 7.1776, its highest level since December 13. The Australian dollar dropped to its lowest level in over a month.

The ADP National Employment Report released on Thursday showed that private employers in the US added more workers in December than expected. Other data released later showed that the labor market continued to weaken. Friday’s non-farm payrolls report is expected to provide investors with more insight into the state of the economy.

The yield on the 10-year Treasury note was at 3.995%, which is up 8.8 basis points from its level Wednesday. It hasn’t maintained a level of 4% since December. The benchmark 10-year note’s yield has risen about 15 basis points in the first three trading sessions of the new year, according to Judith Raneri of the fund manager, Gabriellli Funds.

The 10-year Treasury note’s yield has risen about 15 basis points in the first three trading sessions of the new year. It hasn’t maintained a level of 4% since December. What this means for the Japanese government bonds and other Asian debt is not clear, but after the holiday, JGB yields moved higher on Thursday.

In a related development, Citigroup announced that it plans to establish an investment banking division in China by the end of the year, with around 30 staff members.