Bond yields traded lower on Monday, as traders remain encouraged with a private report stating that India is likely to surpass the United Kingdom in the world’s largest economy rankings in 2019.
In the global market, US Treasury yields climbed to three-week highs on Friday as investors piled back into Wall Street on hopes Washington and Beijing were moving to end their trade dispute as well as on stronger-than-expected data on manufacturing output. Furthermore, oil prices dipped as China reported its weakest annual economic growth in 28 years, although oil prices remain relatively well supported by supply cuts led by the Organization of the Petroleum Exporting Countries.
Back home, the yields on new 10 year Government Stock were trading 4 basis points lower at 7.56% from its previous close of 7.60% on Friday.
The benchmark five-year interest rates were trading flat at its previous close at 7.38% on Friday.