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Treasury yields snap back Wednesday as bond investors took their cues from buoyant stock markets, even as jitters around a record-setting government shutdown linger.
Investors continue to await news surrounding the ongoing government shutdown, which continues to trigger uncertainty across the States. On the economic front, mortgage applications are due out at 7 a.m. ET, followed by the Richmond Fed's survey of manufacturing activity at 10 a.m. ET. The yield on the benchmark 10-year Treasury note was in the black at around 2.758 percent at 5:50 a.m. ET, while the yield on the 30-year Treasury bond rose, trading at 3.075 percent.
Yields extended their decline later after the Financial Times said the Trump administration turned down an offer to hold preparatory trade talks with China, a report administration officials denied. China’s expansion has fueled demand from commodity exporters, and officials in the country have been trying to generate an environment conducive to stronger consumer spending.
White House National Economic Council Director Larry Kudlow on Tuesday denied a report that the administration has cancelled planned preliminary trade talks with China set for the week. "The story is not true, there was never a planned meeting," Kudlow said on CNBC. The Financial Times had earlier reported the White House rejected an offer by two Chinese vice-ministers to travel to the U.S. this week to set the groundwork for more senior talks scheduled on Jan 30 and 31 between Liu He, China vice-premier and U.S. Trade Representative Robert Lighthizer. Stocks recovered some of their earlier losses after the denial.
Stocks closed sharply lower on Tuesday, kicking off the holiday-truncated week with a loss, after fears over the global economy gained momentum. The S&P 500 fell 1.4% to end around 2,633. The Dow Jones Industrial Average shed 299 points, or 1.2%, to end near 24,408, based on preliminary numbers. The Nasdaq Composite slipped 1.9% to around 7,020. China reported 2018 growth was at its slowest since 1990, with President Xi Jinping reportedly warning Communist Party officials to remain watchful of financial risks. The International Monetary Fund also trimmed its growth forecast to 3.5% in 2019, from 3.7% in 2018, though it kept its expectation for the U.S. economy unchanged.
Treasury yields retreat Tuesday, paring last week’s sharp climb, as fears about global growth took over the investors’ agenda after China reported its slowest growth in nearly three decades.
Previously-owned homes sold at the slowest pace in three years in December, capping a tough year for the housing market.
The Philadelphia Fed's non-manufacturing survey is scheduled to be released at 8:30 a.m. ET, followed by existing home sales at 10 a.m. ET. The U.S. Treasury is set to auction $42 billion in 13-week bills and $39 billion in 26-week bills. The yield on the benchmark 10-year Treasury note was in the red at around 2.757 percent at 4:35 a.m. ET, while the yield on the 30-year Treasury bond slipped, trading at 3.073 percent.
U.S. stock and bond markets on Monday will be closed in observance of the Martin Luther King Jr. holiday, providing a natural pause after a bullish tilt on Wall Street to start 2019.
Stocks in the U.S. and Europe jumped Friday as renewed hopes for progress in trade talks between the U.S. and China helped the markets finish the week with another strong gain. Indexes jumped after Bloomberg News reported that China's government offered to buy more goods and services from the U.S., potentially eliminating its trade deficit by 2024. For investors, the encouraging news on trade builds on recent positive signs for the U.S. economy and indications from the Federal Reserve that it will be patient when considering future interest rate hikes.
Treasury yields rise Friday, as the broad-based rally in global stocks curtails appetite for haven assets like U.S. government paper.
Treasury Secretary Steven Mnuchin flew from Washington to Los Angeles on Michael Milken's private jet, according to a report Friday in The New York Times. Milken is the Wall Street bond trader who went to prison after pleading guilty to securities fraud charges. A Treasury spokesman said Mnuchin has already reimbursed Milken for the cost of the flight and said he did not need an ethics waiver for the trip. Mnuchin's use of military aircraft for domestic travel caused some controversy early in his term. Last year, Treasury's inspector general said Mnuchin's staff had not provided complete proof about why the Treasury secretary needed to use military aircraft. Mnuchin had asked to use a government jet on his European honeymoon, but later withdrew the request.
U.S. Treasury yields hovered near their session highs on Friday with the 10-year yield staying close to a three-week peak following data that showed domestic industrial production grew in line with expectations ...
Industrial production finished the year on a strong note, rising 0.3% in December after a revised 0.4% gain in November, according to data released by the Federal Reserve on Friday. The gain was in line with estimates of economists polled by MarketWatch. In the fourth quarter, industrial output rose at a 3.8% annual rate, down from 4.7% rate in the third quarter. Manufacturing output alone rose 1.1% in December, the biggest gain in 10 months. The increase was led by a 4.7% increase in the output of motor vehicles and parts but there were gains across the board. Capacity utilization rose to 78.7% in December, the highest level in almost four years.
U.S. government debt prices were lower on Friday morning, as investors monitored political developments and trade negotiations with China.
Treasury yields rose Thursday after stocks mounted a late-session rally in response to reports that the U.S. was debating ending tariffs on Chinese imports.
Investors may have to get used to having the stock market and the bond market move in the same direction again.
U.S. Treasury yields rose further on Thursday, as Wall Street investors sold U.S. government debt and purchased stocks after Dow Jones reported that the United States was considering whether to remove ...
* Philly Fed, jobless claims data pare economic worries * Trade tensions, weak results spur early bids for bonds * U.S. to sell $13 bln 10-year TIPS at 1 p.m. (1800 GMT) (Updates market action, adds quote) By Richard Leong NEW YORK, Jan 17 (Reuters) - U.S. Treasury yields ticked up on Thursday as better-than-expected economic data offset trade tensions between China and the United States, holding down safe-haven bids for U.S. government debt. This week's offering of corporate bonds put some upward pressure on Treasury yields, as dealers sold Treasuries to lock in borrowing costs on debt they underwrote and investors reduced their U.S. government debt holdings to make room for the corporate supply, traders and analysts said. On the other hand, the historically long government shutdown and uncertainty about Brexit have kept a lid on Treasury yields, holding them in a tight trading range this week.
BEIJING (AP) — Chinese stocks rose Friday on signs of possible progress in negotiations over Beijing's tariff war with Washington.
The yield on the benchmark 10-year Treasury note fell to 2.718 percent, while the yield on the 30-year Treasury bond dipped to 3.064 percent. Recent data has shown signs of weakness in China's economy, a sensitive issue as Beijing tries to resolve its trade dispute with the Trump administration. The British government survived a no-confidence vote on Wednesday, albeit by a slim margin of 19 votes.
Treasury yields rises Wednesday, following the climb in U.K. government bond yields, as Theresa May survives a vote on her government’s leadership and as the European Union vows to help renegotiate an orderly Brexit.