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German bonds: price gains – Ifo index disappoints

Wednesday, 11/24/2021 1:35 PM from

dpa-AFX

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Flag of the Federal Republic of Germany. pixabay.com

FRANKFURT (dpa-AFX) – The prices of German government bonds rose on Wednesday, supported by weak German economic data. The trend-setting futures contract, the Euro Bund Future, climbed by noon by 0.11 percent to 170.81 points. The yield on ten-year Bunds fell to minus 0.24 percent.

Disappointing economic data from Germany supported bonds somewhat. The mood in the German economy deteriorated again in November. The Ifo business climate, Germany’s most important economic barometer, fell more than expected. “Delivery bottlenecks and the fourth corona wave are causing problems for companies,” commented Ifo President Clemens Fuest. The companies surveyed assessed both the current situation and the future prospects as less favorable than in the previous month.

Speculations about the future monetary policy of the European Central Bank (ECB) continue to dominate events. ECB director Fabio Panetta dampened expectations of a quick turnaround in monetary policy. Premature tightening of monetary policy threatened to damage the economy in the euro area and put pressure on demand, he said in Paris on Wednesday. Most recently, ECB Vice-President Luis de Guindos and German Director Isabel Schnabel viewed the high inflation more critically. Some observers interpreted the statements as a cautious indication of a rethinking in the ECB.

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