Global bonds won some respite Friday, boosted by a risk-off appetite sweeping through markets, after a selloff this week that drove yields to multi-year highs.
European debt led the gains, driving down Germany’s 10-year yield by 11 basis points to 2.60%, in a catch up with a recovery in Treasuries late Thursday. The equivalent US yield also fell, snapping the longest streak of increases in three months.
“Both are bond positive,” said Francesco Maria Di Bella, a fixed income strategist at UniCredit SpA in Milan. “In addition, yields have increased materially in the past few days, making government bonds more appealing.” Investors are now looking to next week’s data, when manufacturing and services figures will offer new clues over the health of the economy on both sides of the Atlantic. While European Central Bank Chief Economist Philip Lane believes there are reasons to think Europe will grow over the next couple of years, the region’s resilience after 425 basis points of rate hikes remains unclear.
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