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Business & Finance

Euro zone government bond yields edge up, focus on stimulus

  • U.S. lawmakers from both parties said COVID-19's worsening toll meant that failure to agree on a new round of aid was no longer an option.
18 Dec, 2020

MILAN: Euro zone bond yields edged up on Friday as concerns about the impact of coronavirus restrictions offset hopes that vaccines will be able to bring the economy back to normal soon.

Meanwhile expectations of a quick approval of a fresh stimulus package in the United States were propping up risk sentiment.

U.S. lawmakers from both parties said COVID-19's worsening toll meant that failure to agree on a new round of aid was no longer an option.

Germany's 10-year government bond yield was up 1 basis point to -0.565pc.

UK 10-year government bond yield lowered 1 basis point to 0.275pc as Brexit turmoil continued.

British Prime Minister Boris Johnson's office said on Thursday that trade talks with the European Union were in a "serious situation" and that no agreement would be reached unless the bloc changed its position substantially.

Britain wants a free trade deal but is prepared to walk away from talks without one, Britain's schools minister said on Friday.

Investors will focus on The German Ifo index due at 0900 GMT, which "should continue to paint a split picture, involving a relatively anaemic current-business situation but an improving economic-expectations component," according to DZ Bank.

Some analysts saw a year-end rally for German Bunds along with equities as an expansion of the economy triggered by stimulus is expected to take place.

"The resilience in Bunds amid widening swapspreads in the face of high-flying equities is remarkable. The weaker dollar fuels global risk sentiment and adds to the reflationary spirits, pulling real rates to new lows, and we see more downside potential," Commerzbank told clients.

"The manageable long-end supply despite record issuance plans seems to be a factor," it added.

German yields dipped on Thursday after as Europe's benchmark debt issuer outlined plans for another year of hefty issuance in 2021.

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