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US and European government bond prices were in the red on Wednesday, with investors rotating away from haven assets on both continents.

Benchmark 10-year yields were higher on the day across many highly rated sovereigns:

  • US Treasuries +5.1 basis points (0.051 percentage points) to 2.22 per cent
  • UK gilts +5.1 bps to 1.06 per cent
  • German Bunds +4.9 bps to 0.2 per cent

Cantor Fitzgerald chief market strategist Peter Cecchini pointed to an “overall easing of haven demand”. The generally muted performance across financial markets on Wednesday comes even with tight elections in France looming, a snap vote in the UK slated for this summer and corporate earnings season revving up in the US.

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