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« How the Chinese Will Establish a New Financial Order | Main | US Dollar a Better Trade Than Gold, Silver or the Miners YTD 06 October 2015 »
Tuesday
Oct062015

Portuguese Bonds Fall With Euro Peers, Extending Drop After Vote

Moody's says election outcome may hinder structural reforms
German factory orders add to negative economic sentiment

Portuguese bonds fell for a second day, extending their slide after weekend elections handed victory to Prime Minister Pedro Passos Coelho’s coalition without giving it a parliamentary majority.


The decline saw 10-year yields jump by the most in two weeks. The bonds had rallied in the eight trading days leading up to the Oct. 4 vote, sending yields to the lowest since May. The outcome of the election was “a little ambiguous,” Eurogroup chief Jeroen Dijsselbloem said on Monday before a meeting of finance ministers in Luxembourg. Spanish bonds also slid for a second day after last week’s rally.

“We’ve had a strong rally,” said Daniel Lenz, lead market strategist at DZ Bank AG in Frankfurt. “People realize coalition talks still need to take place in Portugal. Spain is still a hot-spot for political risk, so this profit-taking could be expected.”


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