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Tuesday 02nd of December 2008
January 2, 2007

Bond yields up in UK, down in the Eurozone


by Elaine Frei

Yields on Eurozone government bonds were lower on Tuesday after the purchasing managers index there dropped to 56.5 in December The PMI was expected to rise to 56.9. The two-year Schatz dropped 1.6 basis points to 3.873 percent, while the ten-year Bund fell 2.9 basis points to a yield of 3.930 percent.

In the UK, on the other hand, yields were up even though the PMI there as lower as well, down from 52.6 in November to 51.9 in December. The higher yields were put to new figures from the Land Registry which showed that house prices in the UK were up by 6.8 percent, their fastest rate of gain since November 2005. The two-year gilt added 4.1 basis points to a yield of 5.189 percent. The two-year has risen 106 basis points since the beginning of 2006, the biggest gain in a year since 1999. Meanwhile, the ten-year gilt was 1.8 basis points higher to 4.756 percent.

In a shortened trading day due to the day of mourning for former President Gerald Ford, US Treasury bond yields were slightly lower, with the ten-year note down 1.2 basis points to a yield of 4.696 percent.

Japanese markets were closed for a holiday.

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