John Wraith News
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German government bonds fell, pushing 10-year yields to the highest level in nine weeks, after the Bundesbank said the economy will improve “markedly” this quarter, damping demand for the region’s safest securities.
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Treasury 10-year note yields rose the most in two months as signs the U.S. economy is improving stoked speculation that there is no need for the Federal Reserve to ramp up monetary stimulus.
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Spanish government bonds fell, pushing 10-year yields to the highest level this month, as demand dropped when the nation sold a combined 4.57 billion euros ($5.99 billion) of securities at an auction.
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China’s weakening economic expansion and slowing earnings growth in the U.S. sent copper into a bear market and gold to the biggest weekly drop in a year and a half, while global stocks fell the most in 10 months.
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Britain is proposing to revive “perpetual gilts,” first used in the wake of the 1720 South Sea Bubble crisis, to allow the government to borrow for as long as possible at record-low rates, according to two people familiar with budget discussions.
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The U.K. is “highly likely” to lose its AAA credit rating next year, according to John Wraith, a fixed-income strategist at Bank of America Merrill Lynch.
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U.K. inflation expectations climbed to a 4 1/2-year high amid speculation the Bank of England will add more stimulus, or quantitative easing, and sacrifice its 2 percent target to spur the economy.
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Italian bonds rose, erasing their decline since euro-area policy makers proposed an unprecedented levy on Cypriot bank deposits, as investors bet the turmoil in the region’s third-smallest economy will be contained.
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U.K. government bonds fell for a third day as investors pared bets that the Bank of England will increase its asset-buying target next month, damping demand for the securities.
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With the yields of the euro area’s most-indebted nations getting support from the European Central Bank, the region’s safest bonds are proving the best indicator of risk amid turmoil in Cyprus.
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