Daily Market Commentary

June 25, 2020

Treasuries slightly higher led by long end, trimming yields in 20- to 30- year sector lower by nearly 2bp. Price action echoes wider bullflattening for the German curve, while gilts notably outperform, sending U.K. five-year yields to a record low.

The number of Americans seeking unemployment benefits was higher than forecast for a second straight week, adding to signs that the recovery is cooling amid a pickup in coronavirus cases.

Global trade suffered a record plunge at the peak of the lockdowns to contain the coronavirus, dropping by more than 12% in April alone. With factories, airports and offices shut and movement and international travel restricted, trade was down 16% compared with a year earlier.

The information represented herein was obtained from various sources, which we believe to be reliable. Neither the information presented nor opinions expressed constitutes an offer to buy or sell any security. And it is not intended to guide the investor on which securities to buy, or when to buy or sell.

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