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(CEP News) - After an upbeat employment report from German and a grim distributive trades report from the Confederation of British Industry on Thursday morning, the German ten-year bund was up 8.0 ticks to 114.19 with yields down 0.4 bps to 4.17% while the 10-year gilt was up 11.0 ticks to 109.49 with yields down 3.0 bps to 4.48%. The euro was up 0.43 cents to 1.4769 USD.
In a surprisingly strong employment report for August, the German Labour Office said the number of persons unemployed in Germany declined by 40,000 despite a deepening economic crisis in the region. The consensus had been for a decline of 10,000 jobs in August after July's 20,000. The unemployment rate also dropped to 7.6% despite expectations of no change to July's 7.8% rate. The main economic event of the UK was not nearly as optimistic, with the Confederation of British Industry's retail sales index deteriorating to a reading of -46 in August compared to July's -36 level. Retailers had been expecting a score of -7 for the month. The CBI survey also projected a sales score of -42 for September. The five-year Bobl was down 12.5 ticks to 108.21, the two-year Schatz down 5.0 ticks to 103.14 and the March 2009 Euribor contract trading down 3.0 ticks to 95.19. The spread between the 10-year Bund and 10-year U.S. Treasury notes widened 1.207 bps to -37.90. UK 30-year bond yields were down 0.5 bps to 4.39%, five-year bond yields were down 1.1 bps to 4.44%, while yields on the two-year bond were down 0.6 bps to 4.52%. The March 2009 Short Sterling contract was flat at 94.80. Yields on U.S. 10-year Treasury notes were up 2.8 bps to 3.791%. European stock markets were mixed with the Eurostoxx up 4.88 points to 2873.70, the UK FTSE 100 up 12.50 points to 5540.602 and the German DAX down 12.62 points to 6308.41. The Japanese Nikkei was trading up 15.29 points to 12768.25. The Canadian dollar was up 0.04 cents to 0.9563 against the USD (1.0456 USD/CAD). Against the euro, the loonie was down 0.16 cents to 0.6476 (1.5443 CAD/EUR). The U.S. dollar was down 0.24 to 109.26 and the euro was up 0.11 to 161.36, both against the yen. The euro was up 0.43 cents to 1.4769 while the pound sterling was down 0.12 cents to 1.8345, both against the USD. The euro was up 0.28 cents to 0.805 pounds. The Swiss franc was up 0.52 cents to 1.0925 against the USD and up 0.32 cents to 1.6134 against the euro. All data were taken at 5:26 a.m. EDT. Generated by CEP Newswires, edited by Nancy Girgis,
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