Morning Commentary: EM debt sees slow start; Oman under pressure; stocks, oil off lows

By Rebecca Melvin

New York, Jan. 2 – Emerging markets debt got off to a “slowish start” on Wednesday, which is the first day of the trading year, following the New Year’s Day holiday on Tuesday.

Bonds were struggling as U.S. Treasuries rallied, sending the yield on the benchmark 10-year note to 2.67%, a London-based market source pointed out.

Light trading and quiet primary markets were expected to persist for the current holiday-shortened week, with investors looking ahead to the U.S. monthly payrolls report due to be released on Friday. The unemployment rate is expected to drop further, continuing its recent trend of hitting multi-year lows.

In Wednesday’s market, Oman was under pressure along with some African sovereigns to start the year, the source said. But U.S. stocks and oil prices were trading off their opening lows.

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