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BOND REPORT: 10-year Treasury Yield Hits 3-week High After China, Eurozone Data Improve

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04/12/2019 | 04:19pm EDT

By Sunny Oh

Treasury yields across different maturities hit a three-week high

Treasury yields rose Friday, capping a steep weekly climb, after a stronger-than-expected increase in China's exports and a less-than-expected slide in eurozone industrial activity, helped to assuage global growth concerns.

The 10-year Treasury note yield climbed 5.7 basis points to 2.560%, its highest since March 19. The 2-year note yield rose 4.8 basis points to 2.393%, its highest since March 21, while the 30-year bond yield picked up 6.2 basis points to approaching its March 20 high. Bond prices move inversely to yields.

Yields rose after a rebound in Chinese economic data helped to soothe concerns around the world's second-biggest economy, sapping appetite for government paper and stirring demand for risk assets like stocks. Chinese exports rose 14.2% in March, above economists' expectations for an 8% climb, following a 20.7% drop in February. China's loan growth also jumped sharply in March, which was also seen as an upbeat reflection of the country's economic health.

The S&P 500 and the Dow Jones Industrial Average finished higher this week, on the back of strong corporate earnings.

"Treasuries are on their back foot to close out the week, an unsurprising development given stronger-than-expected data out of both China...and the eurozone," wrote Jon Hill, an interest-rate strategist at BMO Capital Markets.

Eurozone industrial production fell 0.2% in March, above the 0.5% decrease expected by economists.

The renewed economic optimism on Friday comes after the International Monetary Fund trimmed its global growth forecast for 2019 to 3.3%, from 3.9% a year ago. The Washington-based lender said a sharp tightening of financial conditions could especially crimp growth amid a broad range of financial-market vulnerabilities.

In U.S. data, import prices for March rose 0.6%, while the University of Michigan's consumer sentiment survey fell to 96.9 in April from 94.8.

Stocks mentioned in the article
ChangeLast1st jan.
DJ INDUSTRIAL 0.07% 27171.9 Delayed Quote.16.48%
NASDAQ 100 0.90% 7905.119269 Delayed Quote.23.77%
NASDAQ COMP. 0.71% 8204.137338 Delayed Quote.22.78%
S&P 500 0.28% 2985.03 Delayed Quote.18.74%
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