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German bonds are giving way - yields are falling significantly
FRANKFURT (dpa-AFX) - German federal bonds gave way on Friday morning. After the soaring due to the corona pandemic, the Euro Bund Future, which is trend-setting for the German market, fell by 0.45 percent to 175.52 points. Ten-year bunds yielded minus 0.62 percent. The return fell significantly by 0.13 percentage points.
The bond market showed signs of stabilization in European equities. In view of the tense situation, however, it remains to be seen whether the worst is over. The framework conditions continue to speak in favor of the safe haven for bonds. "For Germany and Europe, we are now expecting a pronounced recession this year - the economy of Italy, which is plagued by corona, will be particularly hard hit," said a daily outlook from LBBW.
The stock markets worldwide collapsed massively on Thursday. The European Central Bank (ECB) failed to get the spreading market panic as a result of the Corona crisis under control. It decided on a support package consisting of new cash injections for the banks and additional purchases of securities. "Instead of strength, Lagarde demonstrated the powerlessness of the ECB yesterday and shifted the responsibility to politics, which in turn has problems and will continue to have problems in the future, to find a unified line in combating the crisis," criticized economist Eckhard Schulte from MainSky Asset Management in a comment.
The US Federal Reserve had also announced new cash injections for the banks and changes to their monthly bond purchases. Most recently, the Norwegian central bank also lowered the key rate./mf/jsl/mis
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