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Treasuries Rally Amid Concerns About Financial Crisis In Dubai 74 days ago
(RTTNews) - Treasuries have shown a strong upward move in morning trading on Friday, as traders move to the safety of government-backed bonds amid concerns about the financial crisis in Dubai.
The benchmark ten-year note moved sharply higher at the open but has given back some ground since then. Subsequently, the yield on the ten-year note, which moves opposite of its price, is currently down 5.6 basis points at 3.223 percent.
With the loss, the ten-year yield is moving lower for the third consecutive session, hitting its worst intraday level since early October earlier in the session.
The strength among treasuries comes after Dubai World, the main investment arm of Dubai, asked to postpone payment on some of its $60 billion in debt. Worries about a default by the city-state have raised significant concerns about the impact on banks.
The news has contributed to substantial weakness in overseas markets that appears poised to carry over into the U.S. markets. Light volume on Wall Street amid a holiday-shortened session could contribute to increased volatility.
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