Commodities received an unexpected boost from a weaker dollar at the end of the week, even in the face of a far larger than expected increase in the number of US non-farm payrolls.
Melrose will raise its £7. 3bn offer for GKN this week in an effort to clinch the hostile takeover of the FTSE 100 engineer. The buyout firm is expected to offer GKN investors a bigger slice of the enlarged company rather than increasing the cash payout. Melrose has until Thursday to beef up its offer, under the terms of the Takeover Code. - The Sunday Times.
The US dollar index dipped at the end of the week, weighed down by a weaker-than-expected reading on wage growth and 'dovish' remarks from two top US central bank officials.
These were the movements in some of the most closely-followed 10-year sovereign bond yields: US: 2. 89% (+4bp) UK: 1. 49% (+2bp) Germany: 0. 65% (+2bp) France: 0. 89% (+2bp) Spain: 1. 44% (+3bp) Italy: 2. 01% (+3bp) Portugal: 1. 86% (+4bp) Greece: 4. 18% (+2bp) Japan: 0. 05% (-0bp) .
Wall Street finished firmly in the green on Friday, after the latest non-farm payrolls report showed that the US added more jobs in February than it had in the last 18 months, even as wage growth ebbed, calming worries that rate-setters on the Potomac need to speed-up their pace of tightening.