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ECM: US Treasuries gain on weak risk appetite, geopolitical worries
 
The US Treasuries surged higher across the board, alongside a sharp decline in equities and crude oil prices. Also, a failed coup attempt in Turkey over the weekend heightened concerns about global geopolitical risk, prompting investors to seek the safety of government bonds.

The yield on the benchmark 10-year Treasury note fell nearly 4 basis points to 1.551 percent and the yield on short-term 2-year note dipped 1-1/2 basis points to 0.673 percent by 11:10 GMT.

Oil prices eased as concerns over a crude and refined fuel surplus outweighed an expected cut in U.S. shale production. The International benchmark Brent futures fell 0.68 percent to $46.62 and West Texas Intermediate (WTI) tumbled 0.64 percent to $44.95.

In terms of economic data, the June Commerce Department housing starts and building permits report registered an increase in housing starts to 1189k (+4.8 percent m/m), above market expectations for a 1170k result, as compared to the revised 1135k reading seen in May (previous was 1164k).

Meanwhile, building permits increased +1.5 percent m/m to 1153k in June, in line with market expectations for a 1150k result, as compared to the revised 1136k reading that occurred in May (previous was 1138k). Alongside the solid increase seen for starts, we expect broader improvement is likely to be seen in the months ahead as production gradually improves, despite any lingering headwinds.
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