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Saturday 15th of September 2007

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Bond yields up in US, UK, Europe


by Elaine Frei
September 11, 2006

Prices dropped on US Treasury bonds Monday ahead of a scheduled auction of 10-year bonds on Tuesday. Also affecting prices were anticipation of new data to be released during the week. In addition, traders were exiting safe-haven trades that had been made ahead of today’s anniversary of the September 11 attacks in New York and Washington, D.C.

In late-morning trade in New York, the two-year Treasury bond had added 2.1 basis points to a yield of 4.84 percent, while ten-year bonds were 3.2 basis points higher to 4.81 percent.

In the Eurozone, investors followed early news from New York, sending yields up. The two-year Schatz added 1.9 basis points to 3.659 percent. The ten-year Bund, meanwhile, was 0.7 basis points higher to 3.798 percent.

UK gilts were also yielding more, with the two-year gilt adding 2.8 basis points to 4.894 percent and the ten-year gilt advancing by 3.2 basis points to 4.571 percent.

In Japan, however, yields on government bonds were lower after machinery orders data was lower than had been expected leading to declining expectations that interest rates will rise again soon. Economic growth there was also revised upward less than had been predicted, to an annualized 1 percent. The news sent yields on ten-year government bonds 6 basis points lower to 1.675 percent.



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