Kitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Aug 30 - A big selloff that pushed U.S. borrowing costs to 15-year highs left euro zone bonds relatively unscathed in August, reflecting investor bets the bloc's economic growth and funding needs will increasingly lag those in the United States.
"In Europe, we went from a positive economic trend a couple of months ago to more negative data," Valle said.Benchmark 10-year Treasury yields, though down from their highs at month-end, were still set to end August with a rise of 17 basis points, while 10-year yields have risen just 4 basis points in Germany , the euro zone's benchmark, and by 11 bps in Britain .
"Europe is not paying lip service to fiscal consolidation, it is doing fiscal consolidation," said Barclays's head of euro rates strategy Rohan Khanna. Mondher Bettaieb-Loriet, a fund manager at Vontel Asset Management, said lower debt issuance in Europe compared with the United States, would favour European government bonds over Treasuries.
Barclays's Khanna estimates German bond yields would have been 50-60 bps lower had they only been driven by domestic factors.
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