Worries about European economies hits bond prices
by Brian Turner
Worries about the weakness of European economies sent the prices of US Treasury bonds up while yields neared three-month lows on Tuesday.
Yields on 2-year bonds fell 2.5 basis points to 3.599 in late trading. 10-year bonds lost over 3 basis points to yield 4.029 percent, and 30-year bonds were down 2.5 basis points to 4.358.
Investors generally ignored good news on April home sales while the release of the minutes of the Federal Reserve’s May 3 meeting seemed to have little impact.
Yields on eurozone bonds also fell on news of a survey that showed German investor confidence at a 6-month low. The 2-year Schatz yielded 2.203 percent, down 4 basis points, and the yield on the 10-year Bund stood at 3.3 percent, a decline of 0.8 basis points.
In the UK, the 2-year gilt lost 2.2 basis points to yield 4.346 percent, while the 10-year gilt stood at a yield of 4.326 percent, down 3 basis points. A sale of £4.25 million in index-linked bonds did well.
Meanwhile in Japan, the 10-year government bond closed at a yield of 1.255 percent, down 3.5 basis points and its lowest level in over two weeks.
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