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Euro bond market: Italian bond yields drop

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发表于 2018-9-4 17:22:31 | 显示全部楼层 |阅读模式
Italian government bond yields fell sharply on Tuesday, further separating from the three-month high, and Italian officials were encouraged by the release of reassuring comments on the upcoming budget plan.
On Monday, a source told Reuters that Italian economic and financial minister Giovanni Tria is urging all parties in the coalition government to keep the ratio of budget deficit to economic output below 2%.

Italy's Deputy Prime Minister Matteo Salvini said earlier that Italy's 2019 deficit will be close to 3% of gross domestic product (GDP) and will not break the EU's upper limit.

“I would say that the overall price movement is very encouraging, and Salvini’s speech yesterday gave the market a boost,” said Christoph Rieger, interest rate strategist at Commerzbank.

"The whole message and data can only be said to be mixed, but the fact that the market has the ability to stabilize shows that there are still some low-end buying at these water levels."

In recent weeks, investors have been selling Italian government bonds in large numbers, fearing that the new government’s spending plan will increase debts and exceed EU financial regulations.

However, Italian government bond yields fell 12-18 basis points across the board at the beginning of the day, continuing the trend of 5-9 basis points on Monday.

The yield on the two-year government bond fell 18 basis points, which is expected to hit the biggest single-day drop in the past three months. The yield on the two-year government bond was recently reported at 1.27%.

The Italian/German 10-year bond yield spread narrowed to 269 basis points, narrowing by 13 basis points during the day and narrowing by 20 basis points from last Friday.

The Italian indicator 10-year bond yield was 3.08%, still 60 basis points higher than the July low.

This reflects the fact that the market is still highly concerned about Italian finances and relations with the EU.

The US August ISM manufacturing data will be released later Tuesday.

Eurozone government bond yields outside Italy rose slightly. German 10-year bond yields rose by 2 basis points to 0.36%.

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