McKesson Corp. and Gilead Sciences Inc. led the second-busiest week on record for U.S. bond sales as borrowers locked in the lowest relative yields in about seven years with markets stabilizing following turmoil in Ukraine.
Treasuries rose, pushing 10-year note yields to the lowest in three months, after a private report showed U.S. manufacturing slowed more than forecast in January, adding to questions about the strength of the economic recovery.
On the heels of last week’s decision by the Federal Reserve to trim stimulus, central banks in Europe will probably maintain a steady course this week. The European Central Bank and the Bank of England will hold their key rates at record lows, according to economists surveyed by Bloomberg. The Reserve Bank of Australia will also keep its benchmark rate at a record low.
Amazon.com Inc., Mattel Inc. and MasterCard Inc. posted fourth-quarter earnings that missed analysts’ estimates, trimming the ratio of Standard & Poor’s 500 Index earnings that have exceeded projections this reporting season to 79 percent.
Treasuries rose as an unexpected drop in a nonmanufacturing index last month showed an uneven economic recovery and fueled speculation the Federal Reserve will keep its interest-rate target at record lows.