US – Europe

Treasuries posted decent 5-year-led gains on Monday in a quiet trading session made somewhat illiquid by quarter-end book closing by most primary dealers. There were no economic data of much significace. Yields were 3 to 7 bp lower across the curve.

European governments notes rose closing out their best quarterly performance in more than 5 years after a decline in stock markets around the world boosted investor demand for the safest assets. The yield on the 2-year note fell 53bp this quarter, the most since the three months through September 2002. The yield on the 10-year German bund fell 45bp. The curve widened 13bp to 47bp.

Emerging markets

Russian manufacturing expanded in March at the same pace as the month before. The index......

Economic data