qui è scritto che il mercato se ne impippa delle caxxate del tricheco :smile:
Euro debt-Yields fall on firm euro, weak eurozone data
By Dhara Ranasinghe
LONDON, Nov 30 (Reuters) - Euro zone government bond yields fell on Tuesday as the euro hit another record high against the dollar and economic data reinforced expectations for sluggish growth in the euro area.
European Central Bank President Jean-Claude Trichet in a testimony to the European Parliament said the euro zone faces a number of upward risks to inflation.
The comments had little impact on a bond market that is convinced the ECB is unlikely to lift interest rates any time soon given weak economic data and an export-damaging rise in the euro <EUR=>. Data earlier showed euro zone economic sentiment fell in November.
"The data today is negative so that has meant lower yields. The confidence numbers were in line with expectations but confirm a lacklustre euro zone economy," said Jeremy Stretch, senior fixed income strategist at RBC Financial Markets.
At 1610 GMT, the two-year Schatz yield <EU2YT=RR> was down 3.4 basis points at around 2.34 percent, not far from Friday's 7-month low of 2.303 percent. The 10-year Bund yield <EU10YT=RR> was down 2.9 bps at 3.79 percent, off almost 3-week highs hit earlier at around 3.84 percent.
The European Commission's euro zone economic sentiment index fell to 100.80 in November from 101.30 in October.
Weak euro zone bourses <.STOXX50E> and a well-received 880 million euro 10-year Austrian bond sale also underpinned the euro debt market.
The flash estimate for November euro zone consumer price inflation was bang in line with a forecast of 2.2 percent, down from 2.4 percent in October.
TRICHET TALKS
Trichet's comments to the European Parliament's Economic and Monetary Affairs Committee came two days before the ECB's rate setting meeting.
Analysts said Trichet, by stressing he was more concerned about the inflationary dangers than risks to growth, was merely signalling the ECB's vigilance on inflation risks.
"There are risks to inflation but whether the ECB believes them or is saying there are risks to stop second-round effects from higher oil prices coming through is unclear. It is hard to see much internal debate about the need to raise rates," said Rob Carnell, senior economist at ING Financial in London.
The March Euribor interest rate future <FEIH5> rose 1 bp to 97.790.
The second reading of U.S. gross domestic product showed growth of 3.9 percent compared to an initial estimate to 3.7 percent. The Chicago purchasing management index of business activity meanwhile pulled back to a still strong 65.2 in November from 68.5 in October.
Against a backdrop of generally upbeat U.S. economic news and weak euro zone data, euro zone bonds continued to outperform U.S. Treasuries.
The yield gap between 10-year Treasuries and Bunds widened to 62 bps -- a level not seen in 4 years. The spread was at 56 bps on Monday.
The euro swap spread was steady at 6 bps. ((Reporting by Dhara Ranasinghe, Editing by Malcolm Whittaker; Reuters Messaging:
[email protected], +44 207542 6745))
--------------MARKET SNAPSHOT AT 1621 GMT ------------------
Futures continuous contract basis
FUTURES CASH YIELD
THREE MONTH EURO 97.825 (unch) 2.070 (-0.020)
TWO-YEAR SCHATZ 106.42 (+0.06) 2.343 (-0.034)
10-YEAR BUND 118.23 (+0.27) 3.785 (-0.033)
30-YEAR BUND 4.398 (-0.027)
Current levels versus prior European close
For relative performance tables see below
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LAST PREVIOUS
10-YEAR US/BUND SPREAD 62 56
10-YEAR UK/BUND SPREAD 86 84
10-YEAR BTP/BUND SPREAD 14 14
10-YEAR OAT/BUND SPREAD 0 0
10-YEAR AUSTRIA/BUND SPREAD -2 -2
10-YEAR BONO/BUND SPREAD -5 -5
10-YEAR EURO SWAP SPREAD 6 6