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Israel Bonds Drop on Bets of Growth Prospects; Shekel Rises

Israel’s government bonds dropped, pushing 10-year yields to the highest level in more than four months, as optimism the global recovery is strengthening reduced demand for fixed-income securities. The shekel rose.

A U.S. report tomorrow may show payrolls expanded for a second month, adding to signs the recovery of the world’s largest economy is gathering momentum. Israel’s benchmark TA-25 Index rose 0.5 percent to 1,261.73.

“There is increased risk appetite, and that is driving a bond sell-off,” said Amit Yacobi, a trader at DS Securities & Investments Ltd. in Tel Aviv. “All eyes are on the U.S. right now, and there is positive sentiment for the recovery.”

The yield on the benchmark 5 percent Mimshal Shiklit due January 2020 rose 2 basis points to 4.64 percent at the 4:30 p.m. close in Tel Aviv, the highest level since July 15.

U.S. employers added 145,000 workers last month after a 151,000 gain in October, according to a Bloomberg News survey of economists before the Labor Department report. The Federal Reserve’s Beige Book showed yesterday hiring improved, manufacturing expanded and retailers anticipated a stronger holiday shopping season.

The shekel rose 0.1 percent to 3.6540 per dollar at 4:45 p.m. in Tel Aviv.

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