LONDON, Nov 25 (Reuters) - Euro zone bond yields were a tad higher on Wednesday in a further sign that record-high stock markets are not enough to shift demand from fixed income markets supported by central bank stimulus.
World shares rallied to a record peak after the formal start of U.S. president-elect Joe Biden’s transition to the White House and on growing confidence surrounding COVID-19 vaccines.
While other safe-havens such as gold and the U.S. dollar have sold off in the face of increased optimism, selling of bonds in Europe and the United States has been modest.
In early trade, Germany’s benchmark 10-year Bund yield briefly touched -0.546%, its highest in almost a week but around 10 basis points (bps) below highs hit earlier this month following Pfizer’s update on an effective COVID-19 vaccine.
The pandemic is expected to take a toll on growth long after a vaccine is rolled out, encouraging central banks to keep aggressive stimulus in place - a backdrop that lends itself to low bond yields.
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