European Bonds Rise on Factory Data; Ruble at Record Low Italian and Portuguese government bonds rose as a report showing slowing growth in factory output boosted the case for more central bank stimulus. Emerging-market stocks gained as investors speculated China will take steps to bolster the economy, while Russia’s ruble weakened to a record. Italy’s 10-year yield dropped two basis points to 2.42 percent at 4:32 p.m. in New York, while the yield on Portugal’s 10-year bonds fell three basis points to 3.19 percent. Spain sold 50-year government bonds for the first time after its benchmark bond yields fell to records. The MSCI Emerging Markets Index added 0.3 percent, extending a third week of gains. Standard & Poor’s 500 Index futures were little changed with U.S. markets closed for the Labor Day holiday. Russia’s currency slid 0.5 percent against the dollar. Bets that European Central Bank policy makers will continue to support economies were boosted as euro-area manufacturing output expanded less than estimated in August, with activity contracting in Italy. An official Chinese gauge of production fell for the first time since February. European Union governments vowed over the weekend to impose more sanctions on Russia should the conflict with Ukraine worsen. Read more at Bloomberg News
Posted on: Tue, 02 Sep 2014 08:55:00 +0000
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