German bunds mixed ahead of ECB President Lagarde’s speech, February employment report

The German bunds remained mixed during afternoon session Wednesday ahead of the European Central Bank’s (ECB) Governor Christine Lagarde’s speech, due to be delivered today by 13:30GMT and the country’s employment report for the month of February, scheduled for release by end of this week .

The German 10-year bond yield, which move inversely to its price, hovered around -0.508 percent, the long-term 30-year yield rose 1 basis point to -0.023 percent and the yield on short-term 2-year suffered nearly 2 basis points to trade at -0.706 percent by 11:20GMT.

Another big risk off bout sent the S&P500 down 3 percent overnight and the 10-year UST bond yield to a fresh record low of 1.31 percent after the US CDC warned Americans to prepare for a Covid-19 outbreak, OCBC Treasury Research reported.

Notably, Nasdaq has also erased year-to-date gains. Whilst the WHO has warned of growing covid-19 risks, Fed’s Claudia still opined it is too soon to determine if the virus poses a material change to the US outlook, the report added.

Meanwhile, the German DAX lost over 1 percent to 12,642.16 by 11:30GMT.