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In April, global government bond markets fell, and benchmark 10-year bond yields rose across the board. The biggest change this month was in U.S. Treasury yields, which rose 49 basis points to 4.68% from 4.19% last month.inflation in the country GDP rose to 2.7% in March, but GDP in the first quarter of this year slowed to 1.6% from 3.4% in the previous quarter.
In neighboring Canada, the median yield on 10-year government bonds rose 36 basis points to 3.82% at the end of the month. Canada's annual inflation rate rose to 2.9% in March from an eight-month low of 2.8% in February. On April 10, the Bank of Canada kept its policy interest rate unchanged at 5% for the sixth consecutive meeting.
Across the Pacific, Japan's benchmark bond yields rose nearly 15 basis points. Up to 0.87%. On April 26, the Bank of Japan left interest rates unchanged at a range of 0% to 0.1%, after ending the negative interest rate system at its previous meeting. The country's inflation rate in April was 1.6%, compared to 2.6% in March. Meanwhile, the Australian 10-year bond yield rose 48 basis points to 4.45% from 3.98% in March. Westpac Melbourne Research's Consumer Sentiment Index fell 2.4% from 84.4 in March to 82.4 in April.
In the UK, the 10-year gilt yield rose 43 basis points to end the month at 4.35%. Annual store price inflation slowed to 0.8% in April from 1.3% in March, the lowest level since December 2021, while non-food prices entered deflation at 0.6% in the same month. The GfK Consumer Confidence Index rose two points to -19, while the S&P Global/CIPS UK Manufacturing PMI fell to 49.1 from a 20-month high of 50.3 in March.
In the euro zone, the yield on French 10-year bonds rose nearly 26 basis points to 3.06%. The country's inflation rate was 2.2% in April, compared to 2.3% in March. Greece's benchmark 10-year median yield ended April at 3.46%, up from 3.26% the previous month. On April 24, Greece raised 3 billion euros with a new 30-year bond issue, after Standard & Poor's raised Greece's credit outlook to “positive” five days earlier.
The German 10-year Bund yield rose 30 basis points to 2.59% at April's close, while inflation rose slightly to 2.4% from 2.3% in March. In the same month, HCOB's German Manufacturing PMI recorded 42.5, still within the sub-50 contraction zone. In Italy, the country's median yield on government bonds rose 23 basis points to 3.89%, and the country's inflation rate fell to 0.9% in April.
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Editor's note: The summary bullet points in this article were selected by Seeking Alpha editors.
