Italian and Spanish bonds fell as investors bet that 10-year yields close to the lowest since at least 2010 may be untenable as a report showed the euro-area economy shrank more in the first quarter than analysts forecast.
Pacific Investment Management Co. is shunning long-dated European government securities because of the region’s growth outlook, according to Andrew Balls, head of European portfolio management at the firm.
Pacific Investment Management Co., home to the world’s biggest fixed-income fund, is shying away from risky assets as it sees a growing disconnect between the performances of financial markets and the global economy.
Malaysia’s property companies and banks including UEM Land Holdings Bhd., CIMB Group Holdings Bhd. and IJM Corp. are set to benefit as Prime Minister Najib Razak’s election victory may spur more infrastructure spending.