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German bunds jump despite better-than-expected rise in Eurozone June CPI
The German bunds jumped during European session Wednesday despite a better-than-expected rise in the eurozone’s consumer price inflation (CPI) for the month of June, released early today.
The German 10-year bond yields, which move inversely to its price, slumped 2-1/2 basis points to -0.274 percent, the yield on 30-year note also suffered nearly 2-1/2 basis points to 0.304 percent and the yield on short-term 2-year traded tad down at -0.740 percent by 10:35GMT.
The euro area annual inflation rate was 1.3 percent in June 2019, up from 1.2 percent in May. A year earlier, the rate was 2.0 percent. European Union annual inflation was 1.6 percent in June, stable compared to May. A year earlier, the rate was 2.1 percent, according to figures published by Eurostat, the statistical office of the European Union.
The lowest annual rates were registered in Greece (0.2 percent), Cyprus (0.3 percent), Denmark and Croatia (both 0.5 percent). The highest annual rates were recorded in Romania (3.9 percent), Hungary (3.4 percent) and Latvia (3.1 percent). Compared with May, annual inflation fell in seventeen Member States, remained stable in one and rose in nine.
In June, the highest contribution to the annual euro area inflation rate came from services (+0.73 percentage points, pp), followed by food, alcohol & tobacco (+0.30 pp), energy (+0.17 pp) and non-energy industrial goods (+0.07 pp).
Meanwhile, the German DAX traded flat at 12,431.85 by 10:40GMT.
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