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The German government bonds gained on Wednesday as investors pour into safe-haven assets amid deepening economic growth fears after reading weaker-than-expected Producer Price Index (PPI) and Kuwait workers ended 3-day strike that had reduced crude output from OPEC countries, pushing oil prices to new session low. The yield on the benchmark 10-year, which moves inversely to its price, moved down 14.04 pct to 0.153 pct and 2-year bonds yield dipped 1.80 pct to -0.508 pct by 0825 GMT.
German March Producer Price Index stood flat at 0 pct, against market expectation of +0.2 pct, from down 0.5 pct in February. Energy prices were a big contributor, down 9.2 pct as compared to March last year, with prices of intermediate goods fell 2.3 pct and price of non-durable goods 0.3 pct lower.
The German bunds have been closely following developments in oil markets because of their impact on inflation expectations. Today, Kuwaiti oil and gas labourers finished a 3-day strike that had briefly cut the OPEC crude output to half, which drag oil prices down. On Sunday, the negotiations between Petroleum Exporting Countries (OPEC) and Russia failed to reach an agreement in the Doha round of talks to strike a deal on oil output freeze. The International benchmark for crude oil prices, Brent futures fell 1.93 pct to $43.21, while West Texas Intermediate crude oil tumbled 2.36 pct to $40.11 by 0825 GMT.
Lastly, the investors will now focus on the ECB governing council meeting on Thursday, which is expected to culminate in the decision to leave policy unchanged.
Meanwhile, the German stock index DAX Index dipped 0.02 pct at 10,348 by 0825 GMT.
