Donald Trump's comment that he has not agreed to roll back China tariffs eases pressure on bond markets after heavy selling this week
US President Donald Trump in Washington, DC, the US, on Friday, November 8 2019. Picture: BLOOMBERG/ANDREW HARRER
Officials on both sides said on Thursday that China and the US have agreed to roll back tariffs on each others’ goods in a phase one trade deal if it is completed, but Trump’s latest comments injected some uncertainty, easing pressure on bond markets after heavy selling this week. A sell-off across world bond markets this week has sent German 20-year and French 10-year yields into positive territory for the first time since July. Ten-year bond yields in Austria and Finland also briefly moved back into positive territory on Friday, while Italy’s two-year bond yield climbed back above 0% for the first time since August.
Focus turned to Spain’s election on Sunday, the country’s fourth in four years. The bond market appears unconcerned, with the gap between Spanish and German 10-year bond yields near its lowest point since July at 64bps.
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