Arab Today, arab today treasuries slip on debt optimism
Last Updated : GMT 02:31:44
Arab Today, arab today
Arab Today, arab today

Treasuries slip on debt optimism

Arab Today, arab today

Arab Today, arab today Treasuries slip on debt optimism

New York - Arabstoday

Treasury ten-year notes fell for a third day, the longest run of declines in five weeks, amid speculation that European leaders are stepping up efforts to contain the region\'s debt crisis. Thirty-year securities dropped before a report economists said may show US consumer confidence rebounded this month. Finance ministers from the 17-nation euro area meet in Brussels yesterday to discuss how to strengthen the European Financial Stability Facility rescue fund. It is ‘absurd\' to rank the US among top-rated borrowers, investor Jim Rogers said after Fitch Ratings on Monday gave the nation\'s debt a negative outlook, while affirming its AAA grade. \"The combination of upbeat US consumer data, and rumours and hope that the Eurozone is moving toward fiscal integration, which in the end would be the ultimate solution to the crisis, boosted market sentiment,\" said Philip Marey, a senior market economist at Rabobank Groep in Utrecht, Netherlands. \"US Treasury yields are still very low at the moment.\" The ten-year yield rose four basis points, or 0.04 percentage point, to 2.01 per cent at 10.19am London time, according to Bloomberg Bond Trader prices. The two per cent security due in November 2021 slipped 10/32, or $3.13 (Dh11.40) per $1,000 face amount, to 99 28/32, set for the longest run of declines since the three days ended on October 24. The 30-year yield also advanced four basis points, to 2.97 per cent. European summit European leaders are working toward a December 9 summit meeting to regain investor confidence. President Barack Obama on Monday renewed pressure on the region\'s officials to prevent a dismantling of the single currency. Agreeing on a sufficient response to Europe\'s problems is of ‘huge importance\' to the US, Obama told reporters after meeting with European Union President Herman Van Rompuy and European Commission President Josi Barroso. Demand for the relative safety of US securities resulted in a 1.2 per cent gain this month as of Monday.

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