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BLBG: Global Bonds Climb as Deutsche Bank Woes Spark Bid for Safety
 
Bonds gained around the world as renewed concern about Europe’s banking sector sparked demand for the safest assets.
Germany’s 10-year bond yield fell to the lowest since July, Spain’s dropped to a record and Finland’s dipped below zero for the first time, while in the U.S. Treasuries reversed earlier losses. European stocks slipped and Deutsche Bank AG shares tumbled to a record amid investor concern about its capital buffers.
Markets in Europe were further roiled as people familiar with the matter said the U.S. Justice Department is assessing how big a criminal fine it can extract from Volkswagen AG over emissions-cheating without putting the German carmaker out of business. At the same time the U.S. also is trying to settle a civil case with Deutsche Bank, the European nation’s biggest lender. That’s driving investors toward fixed-income assets which are already being buoyed bets central banks will extend or maintain easy monetary policy.
“We have concerns about the banking sector again,” said Daniel Lenz, a market strategist at DZ Bank AG in Frankfurt. “Uncertainties surrounding this may actually also cause some safe-haven flows.”
The yield on German 10-year bonds fell two basis points, or 0.02 percentage point, to minus 0.14 percent as of 11:15 a.m. London time, and earlier touched minus 0.15 percent, the lowest since July 11. The zero percent security due in August 2026 gained 0.228, or 2.28 euros per 1,000-euro ($1,125) face amount, to 101.378.
Spanish 10-year yields declined to an all-time low of 0.888 percent, and Finland’s skidded to minus 0.029 percent, below zero for the first time on record.
U.S. 10-year yields slid one basis point to 1.57 percent, after earlier climbing as much as two basis points, while the Stoxx Europe 600 Index slid 0.5 percent, erasing an advance of 0.7 percent.
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