| 25 June 2024, Tuesday |

Euro, bond yields tumble as German business activity slumps

The euro and the bloc’s bond yields tumbled on Wednesday as German business activity contracted much more than expected.

German business activity contracted at the fastest pace in over three years in August and much more than analysts expected, data showed on Wednesday. Earlier, data showed France’s dominant services sector also shrank more than expected to a 30-month low.

Germany’s 10-year bond yield, the benchmark for the bloc, dropped over 10 basis points to 2.546%, the lowest since August 10.

The euro fell to its lowest level against the dollar in more than two months at $1.0812 and dropped to its lowest in a year against the pound at 84.93 pence .

  • Reuters