ANL 35.75 Decreased By ▼ -0.80 (-2.19%)
ASC 14.71 Decreased By ▼ -0.09 (-0.61%)
ASL 25.70 Decreased By ▼ -0.40 (-1.53%)
AVN 89.67 Decreased By ▼ -1.23 (-1.35%)
BOP 7.79 Decreased By ▼ -0.01 (-0.13%)
BYCO 10.11 Decreased By ▼ -0.10 (-0.98%)
DGKC 123.75 Decreased By ▼ -1.45 (-1.16%)
EPCL 57.61 Increased By ▲ 0.11 (0.19%)
FCCL 24.20 Decreased By ▼ -0.15 (-0.62%)
FFBL 28.97 Increased By ▲ 0.17 (0.59%)
FFL 15.90 Decreased By ▼ -0.15 (-0.93%)
HASCOL 9.70 Decreased By ▼ -0.09 (-0.92%)
HUBC 78.74 Decreased By ▼ -0.26 (-0.33%)
HUMNL 6.54 Decreased By ▼ -0.23 (-3.4%)
JSCL 21.50 Decreased By ▼ -0.31 (-1.42%)
KAPCO 39.80 Decreased By ▼ -0.30 (-0.75%)
KEL 3.79 Decreased By ▼ -0.04 (-1.04%)
LOTCHEM 16.60 Decreased By ▼ -0.01 (-0.06%)
MLCF 46.60 Decreased By ▼ -0.55 (-1.17%)
PAEL 35.49 Increased By ▲ 0.26 (0.74%)
PIBTL 10.26 Decreased By ▼ -0.09 (-0.87%)
POWER 9.23 Decreased By ▼ -0.02 (-0.22%)
PPL 86.30 Increased By ▲ 0.28 (0.33%)
PRL 25.15 Decreased By ▼ -0.17 (-0.67%)
PTC 9.92 Decreased By ▼ -0.09 (-0.9%)
SILK 1.25 Increased By ▲ 0.01 (0.81%)
SNGP 42.10 Increased By ▲ 0.05 (0.12%)
TRG 163.50 Decreased By ▼ -1.25 (-0.76%)
UNITY 30.52 Decreased By ▼ -0.24 (-0.78%)
WTL 1.59 Increased By ▲ 0.11 (7.43%)
BR100 4,868 Decreased By ▼ -5.5 (-0.11%)
BR30 25,731 Decreased By ▼ -116.61 (-0.45%)
KSE100 45,236 Decreased By ▼ -75.05 (-0.17%)
KSE30 18,515 Decreased By ▼ -29.26 (-0.16%)

Coronavirus
VERY HIGH
Pakistan Deaths
15,872
11824hr
Pakistan Cases
739,818
539524hr
Sindh
270,310
Punjab
258,441
Balochistan
20,580
Islamabad
68,066
KPK
102,290

german_bondsLONDON: Bund futures opened higher on Friday after Moody's placed Spain's credit rating on review for downgrade fuelling fears about the spread of the euro zone debt crisis and boosting the already-strong demand for safe-haven assets.

Fresh delays in the US political battle to avoid an unprecedented default added to the risk-averse tone in the market.

In the euro zone, the sovereign debt crisis continued to show signs of spreading as Moody's placed Spain's AA2 rating on review for possible downgrade, citing weak growth and the risk of a sustained rise in funding costs.

"This will give Bunds a bid, peripheral spreads will be under pressure in the short term. I can't see what's going to turn that around today," a trader said.

Bund futures rose over half a point to 129.97, leaving the July 12 intraday high of 130.91 as the next resistance level to watch.

The rating action comes just one week after European policymakers unveiled a package of measures aimed at halting the spread of the region's debt crisis and shoring up market confidence.

Since the announcement of the deal, which was initially well received, doubts about how the plan can be implemented have seen Italian and Spanish yields rise back towards their euro-lifetime highs.

Spanish 10-year government bond yields were around 6.05 percent at Thursday's European settlement.

 

Copyright Reuters, 2011