Italian bond yields fall and euro rises as ECB announces emergency meeting on market conditions

European bond yields fell and the region’s single currency rose on Wednesday, as the European Central Bank announced it would hold an emergency meeting to “discuss current market conditions.”

The “ad hoc” Governing Council meeting is on the same day the Federal Reserve is due to announce a monetary policy decision, with many expecting a 75 basis point rate hike.

Soaring borrowing costs in Europe are expected to be the focus of ECB discussions, particularly since the central bank announced at its most recent meeting in June that it would raise interest rates by 25 basis points in July and possibly 50 basis points in September.

The yield of the 10-year Italian government bond TMBMKIT-10Y,
3.878%
fell 26 basis points to 3.908% on Wednesday, but that contrasts with a rise that took it from 1.195% earlier in the year. The yield of the German 10-year Bund TMBMKDE-10Y,
1.721%
declined 1 basis point to 1.74%, from around -0.05% at the start of the year.

the euro EURUSD,
+0.60%
rose 0.6% to $1.0479, although the single currency is down 2.3% so far this year.

https://www.marketwatch.com/story/italian-bond-yields-dive-and-euro-climbs-as-ecb-announces-emergency-meeting-on-market-conditions-11655276116?rss=1&siteid=rss Italian bond yields fall and euro rises as ECB announces emergency meeting on market conditions

Brian Lowry

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