Bond yields traded higher on Thursday after a rebound in crude oil prices and surging bond yields renewed global inflation risks and interest rate hike concerns.
In the global market, the 10-year U.S. Treasury yield climbed as high as 5.05% on Wednesday, surpassing its earlier September peak of 5.02% and reaching its highest level since July 2007, putting renewed pressure on equities. Furthermore, Oil prices rose on Thursday as diplomatic talks between the US and Iran showed little sign of progress, while investors focused on uncertainty about a potential US ban on diesel exports.
Back home, the yields on new 10-year Government Stock were trading 7 basis points higher at 7.11% from its previous close of 7.04% on Wednesday.
The benchmark five-year interest rates were trading 10 basis points higher at 6.83% from its previous close of 6.73% on Wednesday.
