Bonds: Yields move higher across the board

These were the movements in the most widely-followed 10-year sovereign bond yields:

US: 1.55% (+2bp)

UK: 0.83% (+4bp)
Germany: 0.01% (+5bp)
France: 0.23% (+5bp)
Italy: 1.26% (+4bp)
Spain: 1.23% (+6bp)
Greece: 7.84% (+2bp)
Portugal: 3.13% (+2bp)
Japan: -0.23% (+3bp)

Yields were higher across the board at the end of last week as markets moved to discount increased chances for further stimulus from several of the world´s largest central banks, including the Bank of England, Bank of Japan and European Central Bank.

Much stronger than expected readings on US industrial production and retail sales for the month of June also buoyed risk appetite.

Perhaps best characterising policymakers´ current bias, in the text of a revised speech released on Friday BoE chief economist Andy Haldane said: "I would rather run the risk of taking a sledgehammer to crack a nut than taking a miniature
rock hammer to tunnel my way out of prison."

"This means a material easing of monetary policy is likely to be needed, as one part of a collective policy response aimed at helping protect the economy and jobs from a downturn."

As of the New York close Fed funds futures were left pricing-in 43.0% odds of a Fed rate hike when rate-setters met on 14 December.

To take note of, figures released on the previous day by the Japanese Ministry of Finance revealed that the country´s fund managers purchased a record $24bn of medium to long-term debt issued overseas - with US Treasuries their preferred investment.

10-year bund yields closed the session above 0% for the first time since the end of June following a 19 basis point rise over the past week.