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The German 10-year bund yield slumped to 1-week low during European session Wednesday as investors remain worried over the October 31 Brexit deadline and the uncertainties surrounding it. Also, the European Central Bank’s (ECB) monetary policy meeting, scheduled to be held on October 24 by 11:45GMT shall provide further direction to the debt market.
The German 10-year bond yield, which move inversely to its price, slumped 3-1/2 basis points to -0.405 percent, the yield on 30-year note plunged 5 basis points to 0.076 percent and the yield on short-term 2-year traded nearly 2-1/2 basis points down at -0.674 percent by 10:30GMT.
In the euro area, ahead of tomorrow’s final Governing Council meeting under Draghi’s stewardship and the flash PMIs, we have a couple of sentiment surveys for October out today, Daiwa Capital Markets reported.
Today will also bring the Commission’s flash consumer confidence indicator, for which last month the headline index rose 0.6pt to -6.5, the joint-highest level this year, nevertheless still well below the average seen through 2018, the report added.
"Having effectively oscillated around a sideways trend since February, we expect to see a slight drop in the indicator at the start of Q4," Daiwa further commented in the report.
Meanwhile, the German DAX remained tad 0.25 percent higher at 12,785.45 by 10:35GMT.
