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European stocks shed gains, yen and bond yields rise after G7 statement

Published 03/03/2020, 09:08 PM
Updated 03/03/2020, 09:24 PM
© Reuters.  European stocks shed gains, yen and bond yields rise after G7 statement
USD/JPY
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DE10YT=RR
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STOXX
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LONDON, March 3 (Reuters) - European stocks shed gains, the
Japanese yen rose and bond yields fell after markets were
disappointed by the G7's statement on tackling the coronavirus.
G7 finance ministers and central bank governors said in a
statement following a teleconference that they reaffirmed their
commitment to use all appropriate policy tools to support the
economy against the coronavirus.
They said finance ministers are ready to take fiscal
measures where appropriate, while central banks will continue to
support price stability and economic growth while maintaining
the resilience of the financial system. "It's been met with disappointment in markets. The statement
was in line with expectations, saying they will monitor the
situation without any specifics," said Antoine Bouvet, senior
rates strategist at ING.
European stocks shed some gains after the G7 announcement
but were still trading up 1.9%. .STOXX .
The Japanese yen - a currency that rises in times of
uncertainty - extended gains against the dollar to hit the day's
high of 107.60, trading 0.6% higher on the day after the
statement. JPY=
10-year German bond yields fell from the day's high having
risen in earlier trade on expectations of central bank stimulus.
They were last up 2 basis points at -0.60% DE10YT=RR

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