Bonds rise on economy news
by Brian Turner
Prices on U.S. Treasury bonds rose and yields fell Thursday as news of fewer unemployment claims trumped a weaker-than-expected result from the Philadelphia Federal Reserve’s index of business activity in influencing investors.
The business activity index fell to 7.3 in May, down significantly from 25.3 in April.
Meanwhile, first-time unemployment filings stood at 321,000, down by 20,000 from the previous week. Continued efforts by investors to avoid risk was also still a factor.
At early afternoon, 2-year Treasury bonds were yielding 3.620 percent and yields on the 10-year Treasury was 4.1 percent.
In the eurozone, bond auctions in France and Spain produced good demand. The 2-year Schatz rose 0.9 basis points to a yield of 2.244 percent. The 10-year Bund went up 2.1 basis points to yield 3.308 percent.
Meanwhile, a surprise rise in retail sales data drove yields on UK gilts up. Yields on the 2-year gilt rose 2.4 basis points to 4.372 percent and 10-year yields were up 2.1 basis points to 4.365 percent.
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