Fortinet and ServiceNow lead software stock declines after results
Fortinet fell 26% and ServiceNow dropped 18.5% in premarket trading, with losses spreading to other software companies.
Japanese bonds hold steady as two-year auction demand strengthens
The auction’s bid-to-cover ratio rose to 4.03 from 3.89 at the previous month’s sale, ahead of the Bank of Japan’s policy decision.
Japanese government bonds were broadly steady on October 29 ahead of the Bank of Japan’s monetary policy decision, with stronger demand for two-year debt helping support the market. The two-year yield reversed an earlier increase after the auction, falling 0.5 basis points to 1.895%.
The auction attracted a bid-to-cover ratio of 4.03, up from 3.89 a month earlier. Elsewhere, the 10-year yield rose 0.5 basis points to 2.83%, while the five-year yield held at 2.265%. The 30-year yield increased 0.5 basis points to 3.88%. No trades in the 20-year bond had taken place by 5:14 a.m. GMT.
Gains in U.S. Treasuries also supported Japanese bonds after the Federal Reserve kept rates unchanged and offered little indication about a possible December increase. Yuhi Kawano, a market analyst at Mizuho Securities, said investors appeared to view the Fed’s stance as less hawkish than anticipated.
Economists polled in a media report expected the BOJ to hold rates at its upcoming meeting and raise them by a quarter-point in December.