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German bunds surge after February ZEW economic sentiment disappoints investors
The German bunds surged during afternoon session Tuesday after the country’s ZEW economic sentiment for the month of February, released today, disappointed market sentiments, while the index for current conditions worsened beyond expectations.
The German 10-year bond yield, which move inversely to its price, slumped over 3 basis points to 0.430 percent, the long-term 30-year yield plunged 4 basis points to 0.082 percent and the yield on short-term 2-year remained 1 basis point down at -0.661 percent by 11:05GMT.
Germany’s ZEW sentiment indicator about the outlook for the economy fell 18 points during February to 8.7, way below January’s score of 26.7 and significantly worse than the 21.5 that economists in a Reuters poll had been expecting.
Further, the current conditions gauge fell to -15.7 from -9.5, worse than the market expectations of -10.0.
Meanwhile, the German DAX traded - 0.71 percent down at 13,685.53 by 11:10GMT.