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Bonds head higher in Europe

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Date: Wednesday 16 Jul 2008

LONDON (ShareCast) - Tumbling equity markets pushed the price of European government bonds up for the third consecutive session Wednesday.

The ongoing move to safe havens had the two-year yield on German notes down at its lowest in over a month.

Numbers from the European Union's statistics office Eurostat revealed that inflation rose 0.4% in June to register an annual increase of 4%, more than double the European Central Bank’s target.

Meanwhile, a faster than expected rise in inflation had US treasuries heading lower midweek.

Consumer prices rose 1.1% in June, far more than the 0.7% analysts had predicted, propelled by a 6.6% surge in energy prices, according to Labor Department data.

The 10-year note added 8 basis points to 3.9 ahead of tonight’s release of minutes from the Federal Reserve’s June 24-25 rate setting meeting.

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