LONDON, 9th August, 2024 (WAM) -- German 10-year yields were set on Friday for their biggest weekly rise since mid April after a volatile week dominated by concerns about the outlook of the world's largest economy, Reuters reported.
U.S. jobless claims released on Thursday helped ease concerns about the possibility of an imminent recession after soft non-farm payrolls data a week ago sent stocks tumbling around the world, and investors rushing to the safety of government bonds.
The euro zone benchmark yield eased 1.2 basis points in early trade to 2.26 percent, but was poised for a 10 bps rise for the week which would be the biggest weekly rise since the middle of April.
German bond yields hit an eight-month low of 2.074 percent on Monday, at the height of the market ructions. Bond yields move inversely to prices.
Italy's 10-year yield was 3 basis points lower at 3.67 percent, and the yield gap between Italian and German bonds narrowed 2.2 basis points to 141 bps.
Germany's two-year bond yield, which is more sensitive to European Central Bank rate expectations, dropped 1 bp to 2.4 percent.