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Wall Street looked set for a quiet start and Europe's main stock markets were shuffling sideways as the dip in global bond yields cooled bank stocks, which have been rising on hopes higher yields will led to better lending profits. "The momentum of the Trump rally (in bond yields and the dollar) has faded a bit so we are all trying to recover," said Rabobank strategist Philip Marey. Trump was set for meeting with Japanese Prime Minister Shinzo Abe in New York while in her first comments since last week's election, Federal Reserve chief Janet Yellen said the case for a rate hike has strengthened.
Europe's main stock markets saw a subdued start as the dip in benchmark bond yields knocked banking stocks that have rallied since the rebound in yields has fuelled optimism about lending profits. "The momentum of the Trump rally (in bond yields and the dollar) has faded a bit so we are all trying to recover," said Rabobank strategist Philip Marey. For bond markets that have taken the brunt of the Trump trade, the most significant event overnight was the Bank of Japan's attempt to cap 10-year Japanese government bond yields and make good its recent promise to keep 10-year yields pinned to zero.
U.S. Treasury yields eased on Thursday as a week-long surge that followed Donald Trump's shock election win subsided further, dragging the dollar off a 13-1/2 year peak set overnight and nudging Asian stocks a touch higher. Japanese government bond yields also fell back from multi-month highs after the Bank of Japan conducted a special fixed-rate bond buying operation for the first time, firing a warning shot against excessive yield moves. The dollar index, which measures the greenback's strength against a basket of major currencies, stood at 100.280 after climbing to 100.570 overnight, its highest since April 2003.