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The German bunds jumped during European session Tuesday as investors await the country’s 10-year auction and the manufacturing PMI for the month of October, scheduled for October 23 by 09:40GMT and October 24 by 08:30GMT respectively amid ongoing worries concerning Brexit deal ahead of the October 31 deadline.
The German 10-year bond yield, which move inversely to its price, slumped 2-1/2 basis points to -0.369 percent, the yield on 30-year note plunged 4 basis points to 0.134 percent and the yield on short-term 2-year traded nearly 2 basis points lower at -0.667 percent by 10:30GMT.
Buoyed by the increased prospect of an orderly Brexit (albeit one that will be economically and politically damaging over the long term), as well as some positive comments on US-China trade from President Trump to suggest that negotiations are progressing, US stocks joined those in Europe by making decent gains yesterday (the S&P500 closed up 0.7 percent), Daiwa Capital Markets reported.
Meanwhile, the German DAX remained tad 0.23 percent higher at 12,776.81 by 10:35GMT.
