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Germany’s Bonds Little Changed Before Delayed U.S. Labor Report

Oct. 22 (Bloomberg) -- German government bonds were little changed before the delayed U.S. September labor-market report, originally scheduled for Oct. 4, which economists said will show employers added the most jobs since April.

The benchmark 10-year bund yield was about three basis points from the lowest level in almost two weeks. U.S. employers added 180,000 workers in September from 169,000 in August, according to the median estimate of analysts in a Bloomberg News survey. Spain is scheduled to sell as much as 3.5 billion euros ($4.78 billion) of three and nine-month bills today.

Germany’s 10-year bund yielded 1.85 percent at 7:13 a.m. London time after dropping to 1.82 percent on Oct. 18, the lowest since Oct. 9. The price of the 2 percent security due in August 2023 was 101.36. The rate on the nation’s two-year note was 0.18 percent.

Data tomorrow will show consumer confidence in the euro area improved in October, while a report on Thursday will show a composite gauge of manufacturing and services expanded for a fourth month, according to the median estimates of economists in separate Bloomberg surveys.

German bonds lost 1.9 percent this year through yesterday, according to Bloomberg World Bond Indexes. Spanish bonds returned 9.6 percent and Italy’s gained 6 percent.

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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