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Euro zone bond yields slide on dovish Coeure comments

Published 05/19/2015, 06:02 AM
Updated 05/19/2015, 06:02 AM
© Reuters. Yields on euro zone bonds decline after dovish Coeure comments

Investing.com - Euro zone bond yields edged lower on Tuesday, as market players digested dovish remarks made by European Central Bank Executive Board member Benoit Coeure earlier in the day.

Senior ECB policymaker Benoit Coeure said the bank is planning to speed up the pace of its bond-buying stimulus program before the summer in order to avoid the “notably lower market liquidity” in late July and August. The comments were made during a speech delivered in London on Monday.

Yields on German 10-Year Bunds tumbled 7.8 basis points, or 12.02%, to hit 0.571% during European morning hours, after hitting an intraday low of 0.555%.

French 10-Year bond yields collapsed 8.9 basis points, or 9.5%, to touch 0.848%.

Meanwhile, the yield on Italian 10-Year bonds fell 11.0 basis points, or 5.78%, to hit 1.794%, while Spain 10-Year yields slumped 13.3 basis points, or 7.19%, to 1.717%.

In Greece, the yield on the country's 10-Year bond declined by 29.1 basis points, or 2.54%, to hit 11.163%, despite ongoing concerns over a Greek debt default.

U.K. yields were also on the decline, with the yield on the UK 10-Year bond falling 5.4 basis points, or 2.72%, to 1.898%.

In the U.S., the yield on 10-Year Treasurys slipped 2.6 basis points, or 1.17%, to hit 2.202%.

Meanwhile, the euro was down 0.99% to trade at 1.1202 against the U.S. dollar. The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.75% to hit 94.93.

Elsewhere, European stock markets were sharply higher. Germany's DAX climbed 1.75%, the EURO STOXX 50 rallied 1.85%, France's CAC 40 advanced 1.85% while London’s FTSE 100 tacked on 0.3%.

Across the Atlantic, U.S. stock futures pointed to a higher open. The Dow futures pointed to a gain of 0.3%, the S&P 500 futures inched up 0.3%, while the Nasdaq 100 futures rose 0.4%.

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