US 10-year notes firmer as equities dip
SINGAPORE: US Treasuries edged higher in Asian trading on Wednesday, with a dip in US stock futures spurring a bit of safe haven demand.
Treasuries stayed on firm footing after rallying the previous day as French and German leaders disappointed investors by declaring that any thoughts of common euro bond issuance would have to wait.
Ten-year notes edged up 2/32 in price to yield 2.216 percent, down a bit from 2.220 percent in late US trading on Tuesday. In the stock market, S&P futures slipped 0.4 percent.
"I haven't seen much at all, a little better bid in the belly," said a trader for a US financial institution in Tokyo, referring to five-year and seven-year notes. "We're just kind of tracking headlines and equity performance," he added.
"Flow-wise it's been pretty quiet this week, especially compared to the elevated volumes we saw last week," the trader added.
Seven-year notes edged up around 1/32 in price to yield 1.514 percent, down from 1.518 percent in late US trade on Tuesday.
Copyright Reuters, 2011
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