The bond sell-off continued with a vengeance yesterday, underpinned by a weak French 30-year bond auction, comments by the Banque de France’s Villeroy and ECB Minutes which indicated the Bank was closer to removing its easing bias on its Asset Purchase Program (APP) than many first thought. In terms of market moves, most action happened in bonds: German Bund yields (+9.2bps to 0.56%); French OATs (+10.1 to 0.92%) and US Treasury yields (+4.2bps to 2.37%). With yields moving higher in Europe, the Euro outperformed (+0.6%), while equities were lower across the board (EuroStoxx50 -0.5%; S&P500 -0.9%).
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