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In Turkey, policy makers opted to support the nation’s beleaguered currency, while the European Central Bank warned that the risk of an abrupt global market correction on the back of rising political uncertainty has intensified, posing a threat to banks, stability and economic growth. The market odds of a December rate hike in the U.S. are 100 percent and traders are adding to bets that Fed Chair Janet Yellen will lead further action in 2017. U.S. equity benchmarks extended records last session before the Thanksgiving holiday.
“The dollar has been really strong in anticipation of Yellen’s move next month and that strength in the U.S. dollar is ultimately going to mean that emerging-market assets would be seen as disadvantaged,” said Nicholas Teo, a strategist at KGI Fraser Securities in Singapore.
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European sovereign bonds were broadly higher as ECB Governing Council Member Francois Villeroy de Galhau was quoted by Expansion as saying the central bank was mulling many options for its debt-purchase program. They partially reversed a selloff from Wednesday that was fueled by a report that the ECB is planning to lend out securities in an effort to boost bond-market liquidity and reduce shortages in the repurchase market. France’s 10-year bond yield fell three basis points to 0.76 percent. Portugal led gains in the region, with the nation’s 10-year yield falling nine basis points to 3.59 percent. Indonesia’s 10-year sovereign bonds retreated for a sixth day, sending yields to the highest since March 2.
[I think this might be temporary. Once people realize the huge hit the ECB's bond holdings are taking and will continue to take in a rising interest rate environment they will realize ECB can't print enough to soak up all the bonds that will come to market.]
