LIVE MARKETS-German Bunds the alternative safe haven

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GERMAN BUNDS THE ULTIMATE SAFE HAVEN

The 10-year German Bund yield on Wednesday is notable for what it's not doing.

The 10-year Treasury yield is up around 20 basis points, as of 1200 GMT, the equivalent British gilt yield is up 13 bps, but the Bund yield down around 2 bps. US10YT=RR, GB10YT=RR, DE10YT=RR

There's clearly a lot going on, but one explanation offered by HSBC in a note released on Wednesday, is that Bunds are "a good alternative safety play to U.S. Treasuries."

Even though there's plenty more spending, and borrowing, to come from Germany and the rest of Europe, HSBC say they're bullish on Bunds, because they think their "safe-haven status outweighs concerns over fiscal loosening".

(Alun John)

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