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Bond Report: Italian bond yields carve out fresh multiyear highs as fears of EU budget clash rise

Italian 10-year government bond yields retreated from their multiyear high on Friday as a key European Union official sought to play down tensions with Rome over the government’s budget plan.

Yields for 10-year Italian debt TMBMKIT-10Y, -2.65% fell 13.2 basis points to 3.538%, after touching a fresh four-year high of 3.777% earlier in the day. Conversely, yields for the 10-year German bond TMBMKDE-10Y, +10.17% known as the bunds, were at 0.442%. Investors tend to turn to German bonds as a haven during periods of heightened uncertainty in the eurozone because the country is the largest in the economic bloc.

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