Korean government bond yields are displayed on a monitor installed at Yonhap Infomax in Jongno-gu, Seoul. [Photo by Yonhap News]
Ahead of the release of the US August employment data, Treasury bond yields fell across the board on the 6th.
On that day, in the Seoul bond market, the 3-year Treasury bond yield closed at 2.881% per annum, down 2.4 basis points (1bp = 0.01 percentage points) from the previous trading day.
The 10-year yield fell 4.0bp to 2.990% per annum. The 5-year and 2-year yields dropped 3.9bp and 1.2bp respectively, closing at 2.932% and 3.008% per annum. The 20-year yield declined 5.5bp to 3.015% per annum. The 30-year and 50-year yields fell 4.3bp and 4.2bp respectively, recording 2.925% and 2.838% per annum.
According to the ADP National Employment Report released on the previous day (5th), private sector job additions in the US for August increased by only 99,000 compared to the previous month, falling short of the expected 144,000. However, the number of weekly initial jobless claims in the US decreased by 5,000 to 227,000, and the Institute for Supply Management (ISM) August Services Purchasing Managers' Index (PMI) remained in expansion territory for the second consecutive month at 51.5.
The US market focused on the weak new employment data. On the previous day, the US 2-year Treasury yield fell 1.20bp to 3.7460% per annum, and the 10-year Treasury yield dropped 2.70bp to 3.7300% per annum.
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