Ciaran O'hagan News
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Portugal hired banks for its first issue of new bonds since the country asked for a bailout from the European Union two years ago, according to a person familiar with the matter.
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German 10-year government bonds rose, paring their first weekly drop in five, as European finance ministers struggled to get consensus on Cyprus’s bailout and a drop in U.S. retail sales boosted demand for safer assets.
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Treasuries investors’ expectations for U.S. inflation were near a three-month low, supporting the Federal Reserve’s decision last month to continue its asset- purchase program to stimulate growth.
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German government bonds rose, pushing 10-year yields to the lowest since August, after European Central Bank President Mario Draghi signaled further stimulus is possible should economic conditions deteriorate.
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Most U.S. stocks fell for a third day, the longest slump of the year for the Standard & Poor’s 500 Index, as Cyprus rejected a bank-deposit levy needed to secure European bailout funds. Treasuries rallied and the euro traded at a four-month low versus the dollar.
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Germany’s bonds fell, with 10-year yields rising to the highest in more than two months, as a constitutional court cleared Europe’s permanent bailout fund for ratification, damping demand for the safest assets.
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Confidence in U.K. credit is declining the most in the global sovereign-debt market on concern the economy will fall into its third recession in five years and force the government to increase borrowing.
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Germany’s longer-maturity bunds rose, snapping a three-day decline, as the nation cut its sovereign-bond sales for 2013 to the lowest in five years.
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Spain and Italy are “potential candidates” for government bond purchases by the European Central Bank as yields increase, BNP Paribas SA said.
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French voters head to the polls this weekend with at least one material benefit from President Francois Hollande’s three-week-old reign: record low borrowing costs.
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