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Treasuries Close Higher Amid Financial Crisis In Dubai 74 days ago
(RTTNews) - Treasuries saw considerable strength on Friday, as traders looked to the safety of government-backed bonds following news of a financial crisis in Dubai.
The benchmark ten-year note showed a notable upward move at the open and remained firmly positive throughout the session. Subsequently, the yield on the ten-year note, which moves opposite of its price, fell 6.7 basis points at 3.212 percent.
With the loss, the ten-year yield closed lower for the third consecutive session, ending the day at its worst closing level since early October earlier in the session.
The strength among treasuries came 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 company have raised significant concerns about the impact on banks.
The news contributed to substantial weakness in the Asia-Pacific markets that carried into the U.S. markets. After moving sharply lower at the open, the Dow regained some ground but still ended the session down about 155 points.
Next week, trading is likely to be impacted by the release of another batch of economic data, particularly the monthly employment report due to be released on Friday. Reports on construction spending and manufacturing and service sector activity are also likely to be in focus.
Along with the economic data, traders are also likely to keep an eye on President Barack Obama's announcement on troop levels in Afghanistan as well as Federal Reserve Chairman Ben Bernanke's confirmation hearings.
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