Bonds: Markets shrug off positive data in subdued trading
These were the movements in some of the most closely-followed 10-year sovereign bond yields:
US: Closed for Thanksgiving
UK: 0.70% (+2bp)
Germany: -0.36% (+0bp)
France: -0.05% (+0bp)
Spain: 0.42% (+1bp)
Italy: 1.23% (+0bp)
Portugal: 0.40% (+0bp)
Greece: 1.45% (+2bp)
Japan: -0.07% (+1bp)
Debt markets in developed economies saw quiet trading at the end of the week, given the dearth of market participants as a result of the Thanksgiving Day holiday in the States.
Nonetheless, most of the key data releases printed ahead of forecasts during the session.
According to Eurostat the year-on-year rate of consumer prices in the single currency bloc accelerated from 0.7% for October to 1.0% in November (consensus: 0.9%), while at the core level, CPI picked up from 1.1% to 1.3%.
In a separate release, Eurostat revealed that the rate of unemployment in the Eurozone fell from 7.6% for September to 7.5% in October, as expected.
According to Pantheon Macroeconomics, the rate of improvement in the euro area labour market was slowing on the back of softer GDP growth, but would continue to improve to 7.2% in 2020.
To take note of as well, in their written responses to queries by European parlamentarians, ahead of their hearing in Parliament on Tuesday, two candidates to the European Central Bank's executive board, Germany's Isabel Schnabel and Italy's Fabio Panetta, expressed support for the ECB's current policy settings, but cautioned that their side effects needed monitoring.
And in the UK, the Office for National Statistics reported that net consumer credit in Britain rose by £1.3bn last month, exceeding the prior six-month average of £1.1bn and the consensus projection for £0.9bn.
That, according to Samuel Tombs at Pantheon Macroeconomics, showed that recession risks "remain" low.