Interest rates: tension eases but redemptions remain timid
The 10-year German Bund yield eased a little, from 2.300% to 2.2920%, our OATs returned from 2.8100% to 2.795%, while Italian BTPs erased -5Pts to 3.8500%.
In terms of indicators, this morning investors took note of German industrial orders: these rose by 8.9% in December 2023 on a month-on-month basis after adjustment for seasonal and calendar variations, according to Destatis, following stability in November (revised from an initial estimate of +0.3%).
In the manufacturing industry, December's sharp rise was due to a very high volume of large orders in various sectors. In particular, an exceptionally large number of aircraft were ordered.
Finally, across the Channel, Gilts eased -1.5pts to 3.9850%, which is still +65pts higher than the yield on the Greek 10-year bond, which has peaked at 3.334%.
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